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Why Is Conventus The Best Option For New Jersey Physicians? Because The Company is Built to Last!

COMPANY OVERVIEW

Conventus Inter-Insurance Exchange is the only medical professional liability insurer in New Jersey that is owned and controlled by its members, which means that our physician-members alone set the priorities and control the direction of the Exchange. Conventus has a Board of Governors comprised of physician-owners who advise the Attorney-in-Fact, NIP Management Company, LLC, on issues that are important to the membership. The management team at NIP Management has extensive experience in medical professional liability insurance and in managing underwriting results for companies like Conventus. Members also participate on committees such as risk management, underwriting, claims management and professional affairs.

Since its inception, Conventus has employed a conservative, fiscally responsible approach to capitalization, pricing and admissions. This approach has allowed Conventus to build a company that is extremely strong financially and ideally positioned for long-term growth and success. We also focus on keeping our premiums low while ensuring that the rates are high enough to maintain the financial strength of the company. Because we are a not-for-profit company, if the premiums we collect consistently exceed our costs, we will return the excess to members in the form of dividends (pending approval of the Board of Governors).Conventus does not have outside shareholders, so we are not influenced by the profit motives of others. Additionally, we do not have financial obligations that we cannot meet as a result of years of negative operating history.

Our claims-made policy form, the widely accepted standard form of coverage across the country, has been proven to stand the test of time. This form enables us to provide increased protection to our members because it is supported by “A” rated reinsurance companies. Reinsurance is a mechanism that allows an insurance company to transfer risk to other financially strong entities, thus protecting its assets by limiting the impact of unanticipated severity of claims.

Conventus is committed to protecting our members’ professional reputation by providing the most vigorous and competent investigation and defense possible. We make sure that our members are involved early in the claims management process and that they remain fully informed throughout. This enables us to provide expert claims management, which is critical in controlling costs over the long term. In addition, all Conventus policies include Consent to Settle rights. Therefore, claims are not settled without the written approval of the physician, unless a judgment has been entered or other situations as specified in the policy. Having a Consent to Settle provision is more evidence of Conventus’ commitment to member involvement. Finally, Conventus has assembled a formidable Defense Panel of nine well-respected New Jersey law firms, each carefully selected to provide our members the strongest, most aggressive defense possible against non-meritorious claims.

The team at Conventus operates the company by the following core values: