 |
|||||||
|
|||||||
|
Conventus Announces Non-Standard Program; New Facility Affiliated with NAS Insurance Services
(Woodbridge, NJ) February 7, 2007 — NIP Management Co., LLC, the Attorney-in-Fact for Conventus Inter-Insurance Exchange, is pleased to announce the development and sponsorship of a new program in affiliation with NAS Insurance Services for the placement of non-standard coverage through an Excess and Surplus Lines facility (E&S). The purpose of this new program is to provide a transitional market for physicians who currently do not meet Conventus’ demanding underwriting guidelines, but demonstrate the potential for meeting those guidelines within a two to three year period. Conventus is the only 100% physician owned and 100% physician governed company offering medical professional liability insurance coverage for New Jersey physicians. For all physicians that have their medical professional liability coverage written in this non-standard program, we will provide a full suite of value-added risk management services including a practice assessment, risk alerts, 24x365 access to our medical incident hotline and our set of risk management tools. The practice assessment report will provide specific guidelines and steps the practice must take, and standards the practice must meet, in order to qualify for a transfer from this program into Conventus. The advantage of this program to New Jersey physicians over other E&S markets currently available is that physicians who qualify for a transfer into Conventus will be provided Prior Acts Coverage, thus eliminating the need to purchase Extended Reporting Period coverage (Tail) from the E&S carrier. This will allow for a seamless and less costly transition into Conventus membership. “We are happy to be able to provide this opportunity for physicians who show the commitment to improving their practices and eventually earning entry into Conventus membership,” said Conventus President John Karlen. “As a physician-owned company, our goals are to provide physicians with affordable and reliable professional liability insurance, and to promote the highest quality health care. This program helps us do both.” About Conventus Inter-Insurance Exchange Conventus Inter-Insurance Exchange is a not-for-profit, non-assessable reciprocal insurance exchange providing medical professional liability insurance to New Jersey physicians in private practice. Conventus is the only company in the state that is both owned and governed by its members, but is managed by experts in the property and casualty insurance industry. The management team at NIP Management Company, the Exchange’s Attorney-in-Fact, has extensive experience in medical professional liability insurance and in managing underwriting results for companies similar to Conventus.
About NAS Insurance Services NAS Insurance Services, an independent underwriting manager dedicated to the wholesale insurance market, provides a broad line of professional liability and legal expense products.
|
