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Medical Directors – On the Rise
Look for Lloyd’s of London to be among the largest writers of standalone medical director coverage under two separate programs. With Lloyd’s backing, PPIB is looking into if and how it might cover medical directors working for telemedicine. The Lloyd’s/PPIB program will currently cover medical directors overseeing nurses, physician assistants, nurse practitioners and medispas, among others. It won’t cover medical directors overseeing other doctors or those providing financial oversight. PPIB will charge a premium for directors providing a small percentage of direct patient care. Coverage can include retro dates. Among claims seen by PPIB, medical directors typically become a target if a facility doesn’t carry its own insurance. PPIB/Lloyd’s offers limits up to $1 million/$3 million. A separate Lloyd’s of London program through NAS Insurance offers a policy for medical directors that includes coverage for HIPAA, prior acts, cyber liability, named perils and vicarious liability. Limits are available up to $2 million/$4 million. The minimum premium is $1,750.
Crittendens Insurance Markets features PPIB