Can I earn more than one 10% Risk Education premium credit in a year?
No. Only one premium credit will be awarded per policy period for completing a risk education program. However, a physician may "bank" a credit upon completion of two different programs in the policyholder period.
Does SVMIC offer Risk Education courses online?
Yes, new courses are offered each year. The courses are accessible on the Self-Study portion of the SVMIC website and are also available in booklet form. Successful completion of an online or booklet course provides CME credit hours and 10% premium credit for physician policyholders.
What are the ways a 10% Risk Education premium credit can be earned by a physician policyholder?
We offer two new live seminar programs each year. Self-study courses in booklet or online format are also available. Please refer to http://www.registerSVMIC.com/ to register or call the Risk Education Department at 800-342-2239.
What Risk Education resources are available?
Our website has several resources available to physicians and offices, including: a Physician Office Resource Manual, office forms and procedures, prescribing/pain management information, HIPAA resources, and current information regarding regulations governing practitioners. Check under the Resources tab.
What type of live Risk Education seminars does SVMIC offer?
Each year, we offer two, new 2-hour programs for physicians that provide CME credit hours and 10% premium credit. Find more information about our courses here.
Are my rates subsidizing the rates in other states in which SVMIC provides coverage?
No. When we evaluate and set rates for a given year we look at each state’s claims history, trends, and actuarial data to come up with the most appropriate rates for that year for physicians in that state. Each state has a different climate and historical data so therefore the rates could be different. One state’s situation does not influence another state’s premiums in any way.
Do you cover all medical specialties?
We do provide coverage for all medical specialties. We do not currently insure dentists, podiatrists or chiropractors.
How do I contact the SVMIC Claims Department?
You may call 1-800-342-2239 between 8:00 AM and 5:00 PM Central Time Monday through Friday. Please ask for the Claims Department.
How is the SVMIC Claims Department different from the claims department of other professional liability carriers?
All of SVMIC’s claims management staff are attorneys. When you call the SVMIC Claims Department, you will speak with a lawyer. This allows SVMIC to assist our policyholders with a wide variety of questions and issues that may arise in their practice, including a claim or lawsuit.
How long does it take to process an application?
The average time to process an application is approximately 10 business days. However, if the application is completely and thoroughly filled out with no missing information, the process may be significantly shorter. Any incomplete information may result in a delay in the underwriting process.
How many claims can I have before my rates go up?
As a policyholder with SVMIC, your rates may not go up just because you have a claim. We understand today’s climate and know that the likelihood of being sued is high. Therefore, we look at each individual on a case-by-case basis, then determine whether or not we can continue to insure you.
How much coverage is appropriate for my practice? What limits of liability do you suggest?
We cannot advise you about what limits to carry, but we do recommend that you speak with colleagues who practice in your specialty and location to see what limits of liability they carry. Your personal financial advisor may also have recommendations in consideration of your personal assets.
What are some examples of the types of inquiry calls that SVMIC Claims Attorneys answer most frequently?
- What steps should I take to terminate a patient from my practice?
- How long should I retain medical records?
- Can I charge a patient for making a copy of their medical record?
- Will responding to a particular request for medical records violate HIPAA privacy laws?
- If a copy of a patient’s chart is requested, should I produce records in my possession that were generated by other healthcare providers?
- What should I do if I have been served with a subpoena?
- Am I required to give a deposition if I was a patient’s treating physician?
What discounts are available to reduce my premium?
SVMIC offers a variety of discounts options for new doctors, part-time physicians, seminars, and risk evaluations. To find out more details about theses discounts, feel free to contact a representative in our Underwriting Department at (800) 342-2239.
What does a claims-made policy mean?
A claims-made policy is designed to provide coverage for incidents arising from medical services that were rendered during the period between the retro date and expiration/cancellation date of the policy. Upon the cancellation or non-renewal of the claims-made policy, all reporting rights cease for any incidents that have not yet been discovered or reported prior to the expiration date. Physicians who wish to continue coverage for this exposure may purchase extended reporting rights through tail coverage, also called a reporting endorsement, from the previous carrier or purchase prior acts coverage from a new carrier. If neither tail coverage nor prior acts coverage are purchased when a claims-made policy expires, any future claims that might arise from services performed during the policy period will not be covered.
What is tail coverage and do I need it?
Tail coverage, also called a reporting endorsement, extends the reporting rights for incidents arising from medical services that were rendered during the period between the retro date and expiration/ cancellation date of a claims-made policy which had not yet been discovered or reported prior to the expiration/ cancellation of the policy. Tail coverage is available for purchase when your policy is cancelled or non-renewed. Policies cancelled for non-payment are not eligible to purchase tail coverage.
SVMIC offers free tail coverage in certain instances in regards to retirement, disability, and death. Should you need additional information or a quote for tail coverage, feel free to contact a representative in our Underwriting Department at (800) 342-2239.
What must I do to modify my premium when I switch from full-time to part-time status?
Call SVMIC at (800)-342-2239 and ask to speak to a representative in the Underwriting Department.
When should a policyholder call the SVMIC Claims Department and speak with a Claims Attorney?
There are three situations in which a policyholder should speak with a Claims Attorney. The first situation would be when a policyholder has been served with a lawsuit, has received a demand for compensation or receives a Notice of Potential Claim letter. The second situation would be when a policyholder believes the potential exists for a lawsuit to be filed in the future, such as when a patient has experienced an unexpected outcome or when a patient or a patient’s family member has threatened to file a lawsuit against a policyholder. The third situation would be when a policyholder has a general medical-legal question that doesn’t relate to a specific claim, also known as an inquiry call.
Why do I have a Risk Education credit on my renewal and my partner doesn’t when we both went to the same course this year?
Since our physician policyholders can “bank” a risk education credit from previous years, it is more than likely you had completed two courses in one policy year. When that happens your extra credit will carry over to the next policy period and will come off your renewal premium. To find out exact details of your policy please contact our Underwriting Department at (800) 342-2239.