The Trust has developed Professional Liability coverage to protect you and your practice from the financial impact of a malpractice lawsuit.
The program is continually monitored by the Trustees to ensure that the coverage is broad and meets the ever-changing practice environment. When you're protected by The Trust, you have much more than an insurance policy. You are not just another number at an insurance company. You have a comprehensive professional liability program, backed by a team of practicing psychologists --- your representatives at The Trust.
Highlights of The Trust's Professional Liability (Malpractice) Insurance Program
Individual Coverage - Through The Trust, you can choose either claims-made or occurrence coverage. You also have your choice of annual liability limits - as much as $2,000,000 for each incident with up to a $4,000,000 annual aggregate*.
There is no limit on the number of claims you can report each year as long as the total dollar amount paid for damages isn't more than your selected annual aggregate liability limit.
Coverage for Group Practices - If you practice in a group, each member of your group will have his/her own personal aggregate liability limit. Your protection will not be diminished as a result of claims paid against an associate. This versatile coverage can be designed to meet the needs of a variety of practice situations.
Advocate 800 Program - You may take advantage of The Trust's Advocate 800 Program risk management service to consult - at no cost to you - with a licensed psychologist/attorney. You may discuss methods to reduce your risk of liability claims or how to handle a potentially litigious situation.
Pays Legal Fees and Court Costs - From the first day a claim is filed to the day it is resolved, The Trust Professional Liability insurance program pays your legal fees and court costs. You'll also get up to $250 a day ($5,000 each incident) to replace earnings lost if you are away from your practice to appear in court. The Trust even pays reasonable expenses such as transportation and hotel stays if you are required to appear in court. (Subject to the terms and conditions of the policy.)
Pays Defense Costs for Appearances before Regulatory Boards - The Trust Professional Liability insurance program pays up to $5,000 for legal defense costs when you receive notice during your policy period of a proceeding before a state licensing board or other governmental regulatory body. You also have the opportunity to increase coverage limits to $25,000/$7,500, $50,000/$10,000, $75,000/$12,500, or $100,000/$15,000 of Licensing Board and Other Governmental Regulatory Defense coverage for a small additional premium.
Note that as of April 1, 2017, Licensing Board Defense/Other Governmental Regulatory Defense Reimbursement coverage may once again be included in the policy when purchasing professional liability insurance in Maryland.
Professional Boards - You're covered for professional services rendered as a psychologist and member of a formal accreditation, ethics, peer review, licensing, standards review or similar professional board or committee of a hospital, health facility, educational institution, professional organization, Health Maintenance Organization or Health Plan.
Sexual Misconduct - Pays your defense costs and other claim expenses if you are accused of sexual misconduct.
Advertising Injury - You are protected against accusations of libel, slander, defamation, violation of right of privacy, piracy, false advertising, or unfair competition, or copyright infringement which results from your advertising.
Personal Injury - Covers you for personal injury claims arising from your practice. You are protected against allegations of false arrest, detention, confinement, imprisonment or malicious prosecution; the publication or utterance of libel, slander, or other defamatory or disparaging materials; publication or utterance in violation of an individual's right of privacy; wrongful entry or eviction; or other invasion of the right of private occupancy.
Premises Liability - Your Professional Liability insurance through The Trust covers you for litigious situations which occur on your practice premises - even if your office happens to be in your home.
Additional Claims-Made Coverage
Free Unlimited Extended Reporting Period Coverage - If you permanently retire from the practice of psychology, become disabled or die, after you have been covered through The Trust Professional Liability claims-made program you qualify for a free, unlimited Extended Reporting Period. Often referred to as "tail coverage." The Extended Reporting Period protects you from claims which arise from incidents that happened while your Trust Professional Liability claims-made policy was in force.
Prior Acts Coverage - You may also obtain prior acts coverage from The Trust Professional Liability insurance program. By purchasing prior acts coverage you will be protected against claims arising from unknown incidents which happened while your other coverage was in force but weren't reported until your Trust Professional Liability claims-made coverage was in effect.
The Trust monitors rates to make certain your premiums remain fair and competitive. In addition, independent actuaries audit The Trust rates to verify that your rates are reasonable and adequate to ensure the long term financial stability of the program.
With The Trust Professional Liability insurance program, you pay for only the principals, employees or independent contractors you have at the time you renew your coverage each year. You pay nothing for clerical workers or any staff you may add during your coverage year. (Any reorganizations of your practice during the year, like a change in ownership, do require reporting and perhaps a revision to your coverage.)
Quarterly Payment Option - You can reduce the impact of your annual premium with The Trust program's convenient, interest free, quarterly payments.
Premium Discounts - The Trust Professional Liability insurance program also offers the following premium discounts:
Group discounts for practices of 3 or more persons.
Continuing education discount - You'll receive a 15% premium discount for two years for
attending The Trust Risk Management Workshop within the past 15 months, a 10% premium
discount for reading The Trust's book Assessing and Managing Risk in Psychological
Practice: An Individualized Approach and passing an online exam, or a 5%
premium discount for obtaining four hours of continuing education
credits from an organization approved by APA to offer CE credit (any of these within the past 15 months).
Groups qualify for the applicable credit when 50% of the owners and employees have submitted proof of completion.
If you deliver psychological services only on a part-time basis (20 hours or less a week),
you get a 35% rate discount.
The Trust Professional Liability insurance program is continually reviewed by The Trust Board of Trustees. The Trustees include psychologists experienced in both practice and insurance needs as well as independent insurance experts.
Responding to your professional requirements is The Trust's top priority. The Trustees continuously review the Professional Liability program to ensure that you have broad-based coverage at competitive rates.
The Trust also provides a Case Review process to seek a fair resolution if you are ever denied coverage or payment of a claim.
Your Insurance Company and The Program Administrator
Your Trust Professional Liability insurance program is Underwritten by ACE American Insurance Company, Philadelphia, PA. ACE USA is the U.S.-based retail operating division of the ACE Group headed by ACE Limited (NYSE:ACE) and rated A++ (Superior) by A.M. Best and AA- (Very Strong) by Standard & Poor's. Administered by Trust Risk Management Services, Inc. Policy issuance is subject to underwriting. Trust Risk Management Services, Inc. is a wholly-owned subsidiary of The Trust.