PROTECTING NATUROPATHIC PHYSICIANS

faq-answers



 

Why is True Consent to Settle such an important feature of NCMIC's Malpractice Insurance Plan?

Answer

Under NCMIC's true Consent to Settle feature, you can be assured that no case will be settled without your specific approval. This is an important feature in NCMIC's Malpractice Insurance Plan because it gives you every opportunity to clear your good name. If you want your day in court, we'll stand behind you all the way.         

Does NCMIC require that my patients sign an arbitration agreement?

Answer

No. NCMIC does not believe arbitration agreements are in the best interest of our policyholders and their patients.

How does a Claims-Made Policy work?

Answer

A claims made policy provides coverage for claims of alleged incidents that both occur and are reported on or after the retroactive date and before the policy terminates. (The retroactive date is the first day claims-made coverage begins.) Claims-made coverage is triggered when:

1 .The alleged incident occurs on or after the policy’s retroactive date and before the policy terminates, and;
2. A written claim is reported during the current policy period or during the basic reporting extension period 30 days following termination of your policy.

Depending on the retroactive date, a claims made policy may increase in cost over the first five years until it reaches the mature rate.

What is "Tail Coverage?"

Answer

Under NCMIC’s Claims-Made Policy, NDs have the option to purchase an Extended Reporting Endorsement or "Tail Coverage." This coverage allows claims to be reported for an unlimited time, as long as the alleged incident occurred on or after the retroactive date but before termination of the policy.

Buying tail coverage is a one-time purchase, does not expire and cannot be cancelled by you or the insurance company who issues it. In most cases, tail coverage through NCMIC must be purchased within 60 days after your claims-made policy terminates, and may not be available if your policy was cancelled due to non-payment of premium. NCMIC provides tail coverage at no additional charge after 10 years of continuous coverage.

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What is professional entity coverage and why do I need it?

Answer

Some NDs may think by creating a professional entity, their practice is protected in the case of a malpractice allegation. This isn't necessarily true. If you have formed an LLC, PC, S Corp, C Corp, or other type of legal entity, chances are, if you are named in a malpractice lawsuit, your entity will also be named. Instead, protect your entity by adding it to your NCMIC Malpractice Insurance Plan as a named insured. Both separate and shared limits are available:

Shared coverage
You and your entity will share in the limits of liability in your policy. For example, the total benefits available for any claim naming both you and your entity would be the face amount listed on your declarations page (such as $1,000,000 per incident/$3,000,000 total in a policy year). This coverage is available for no additional charge.

Separate coverage
Your entity is protected by a separate set of limits than you are. For example, if you have $1,000,000/$3,000,000 coverage with separate limits for your entity, your own benefit amount would be $1,000,000 for each incident and $3,000,000 total in any policy year. Your professional entity would also have $1,000,000 for each incident and $3,000,000 total in a policy year. This coverage is available for an additional premium and will require all Naturopathic employees, officers, directors, and partners to be insured with NCMIC on a group policy.

Please note: Entity coverage does not provide personal protection for other licensed providers in the office so they must maintain their own coverage with limits equal to or greater than yours.

If I already have my entity covered under a general liability policy, do I still need to add it my malpractice insurance policy?

Answer

Yes. A general liability policy does not cover malpractice lawsuits. In order for your entity to be covered if it is named in a malpractice lawsuit, it needs to be listed on your malpractice insurance policy.

Do I need a physical practice address to apply for coverage?

Answer

Yes. You must have a physical practice address established in order for coverage to be approved. Please keep in mind that if you plan to practice out of your home, you must complete a home-based practice form.


When will my coverage become effective?

 Answer

If your application is mailed, coverage can be effective the day it is received, as long as the entire application is complete. If you fax or email your application, the earliest effective date will be the day after it is received.

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What if I move to a new state?

Contact NCMIC right away so we can help determine any changes that may need to be made to your policy, as well as if your rates will be affected.

What if I practice out of my home?

You will need to submit the home-based office form for review to determine if your home office meets NCMIC underwriting guidelines.

Do I need to LIST all of the locations where I practice?

Yes. NCMIC must approve each location where you are practicing. When applying for coverage, please provide a list of all practice locations on a separate sheet of paper and submit it with your application. If you are already insured with NCMIC, you may add additional locations by filling out a request for address change form for each location and indicating on the form that it is an additional location. You can find the form here.

Does NCMIC offer premium discounts for malpractice insurance?

Yes. NCMIC offers premium discounts to NDs who are newly licensed, those who maintain a claims-free status and NDs working part time.

Any money-saving discounts you may qualify for will be applied once your application has been approved. Claims-free discounts differ in California; inquire for details.

New Practitioner Discounts

1st year license 50%
2nd year license 40%
3rd year license 25%

CLAIMS-FREE DISCOUNTS

8+ years 10%
7 years 9%
6 years 8%
5 years 7%
4 years 6%
3 years 5%

PART-TIME DISCOUNTS

Call for details.

How CAN I pay my NCMIC Malpractice Insurance Plan premium online?

Answer

It's easy to make an online payment for your NCMIC Malpractice Insurance Plan. You can take care of it now, with your credit/debit card or checking account. Make sure you have your latest invoice for reference.

How do I choose my limit of liability?

Answer

To determine the amount of coverage you need, several factors need to be considered:

1. Think about the amount of money an injured patient may require.

2. Check with any insurance provider networks in which you participate. Many network contracts require participants to maintain a certain limit of liability. This is also true of some state statutes, so be sure to call and inquire about your state. If you have an employer or employment contract, determine if they have minimum requirements, as well.

3. Keep in mind that low limits may prevent a successful outcome. Lawsuits often entail negotiation and compromise, and if your policy limit is inadequate, it may negatively affect the ability to reach an acceptable result.

4. Consider the possible impact on your personal assets.

5. Meet with your attorney or business advisor. He or she can help you determine the amount you need. Remember to reevaluate the amount you choose each year to make sure it continues to be the right amount for you.

How can I obtain a verification of coverage, claims history report or loss run?

Answer

Fax NCMIC a signed and dated request. Be sure to specify the type of document you need and provide the address, fax number or email address where you would like the document sent. Our fax number is 800-96-2642.

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