Medical Malpractice Insurance
With risk management and captive insurance options, you can pool resources, control your insurance costs, tailor plans to your unique needs, and achieve long-term savings.
Get your medical malpractice captive insurance proposal
A captive is a medium for taking risk.
It can be formed by a single company (a single-parent captive), or by multiple companies (a group captive).
Group captives can be made up of companies in the same industry or different industries, and allow small employers to act like large employers.
Imagine a shared bank account, where everyone puts money in and then some is taken out when a claim occurs. In good years, members will receive any unused funds back from the captive. In bad years, members will not receive funds back, but they know their costs will be capped at a maximum liability amount.
Risk is retained, shared, or transferred, depending on how unpredictable and costly it is.
It can provide other coverages not listed here and limits not available in the standard insurance market. These risks can include almost anything you can think of – you dream it, we’ll build it!
You get insurance coverage, but any unused premium profits do NOT go back to you.
In traditional insurance, you pay a premium to your insurance company for coverage. Most of that premium goes towards operating costs, which may include shareholder distribution, brick and mortar locations, commercials, CEO, front insurance, and re-insurance. The remainder is invested and returned to the insurance carrier.
The rest of the premium goes towards paying claims. There is little risk to you because the insurance company is paying those claims. However, you have little to no control of claim decisions, and no ability to receive underwriting profit or investment income.
You get insurance coverage, and any unused premium and investment income comes back to your business.
Captive insurance allows you (the insured) to own an insurance company with like-minded companies and bring the underwriting profit and investment income back to your company. There are still operating costs, which may include front insurance, re-insurance, loss control, and claims administration, but the cost to cover these is often lower than in traditional insurance.
You have control of your insurance, stabilization and suppression of premiums, company ownership with the creation of a profit center, operational transparency, return of underwriting profit and investment income back to members, choice of legal representation, and ultimate control on claims. However – there is both risk and reward, as claims will be paid out of your premium.
Contact us with any questions.
Director of Healthcare Practices
(801) 608-9916 · Call
Risk Manager and Insurance Advisor
(208) 524-5858 · Call
Sr. Account Executive & Broker
(801) 209-5955 · Call
Account Executive
(208) 356-4411 · Call
Commercial Account Executive
(307) 284-1795 · Call
Loss Control Advisor
(208) 672-6167 · Call
Risk Manager and Insurance Advisor
(208) 356-4411 · Call
Commercial Account Manager
(208) 356-4411 · Call
Claims Advocate
(801) 865-8521 · Call
Team Coordinator
(986) 213-4940 · Call