surgblumm Posted July 18, 2019 Share Posted July 18, 2019 Ratings: Not for Sale or Rent Robert M. Blumm, PA, DFAAPA, PA-C Emeritus & CM&F PA Advisor We live in an age of ratings. We have presidential ratings which poll popular sentiment and job performance; we have election candidate ratings to choose contenders; we have hospital ratings to inform the public and we even have ratings for PAs and NPs that compare their effectiveness in medical care with that of physicians. In 1965, almost the birthday of the inception of our PA and NP professions, Roger Miller wrote and sang a top hit in the music industry: “King of the Road.” The very first line is: Trailer for sale or rent. The trailer was then, an almost universal symbol of shelter and security. Today, we medical professionals can purchase a similar and very important form of security - personal liability insurance yet, beware; all policies are not equal! Insurance companies who underwrite these policies are rated by watchdog organizations and one of the most prominent is the A.M. Best Company. It’s easy for PAs and NPs to overlook the nuances of policy quality. So the company rating is therefore, of the utmost importance. An A.M. Best rating is not for sale or rent. A.M. Best is the only global credit rating agency with a unique focus on the insurance industry. Best's credit ratings, which are issued through A.M. Best Rating Services, Inc., are a globally recognized indicator of an institution’s financial strength and creditworthiness. Unfortunately, many of our colleagues have experienced the nightmare of awakening one morning to discover that their insurance policy is no longer valid; that it can no longer cover their claims and that they are exposed and unprotected. They may even be unemployable without malpractice insurance. Some run helter-skelter and grab the first cheap policy they find. This is a mistake. The A.M. Best rating is very important as it indicates a company’s long term financial strength, which directly translates to their insurance products and in turn to the highest level of security for our practices, our lives and our families. PAs and NPs must be vigilant when choosing a policy and when balancing the issues of quality and economy. On June 28, 2019, Capson Physicians Insurance Company was placed into liquidation at the request of the Texas Department of Insurance. This action was necessary to protect policyholders that included PAs. What does this mean to the medical provider who was insured by this policy? The Travis County District court entered an order finding CPIC to be insolvent and placed them into liquidation. Liquidation is like federal bankruptcy, but is regulated by the state. This order is issued when it is determined that the company may have insufficient assets to pay its policyholders, claimants, and other creditors. If you have a policy issued by CPIC, you will need to obtain replacement coverage for any coverage that CPIC provides to you by July 28, 2019. Why is it important to find replacement coverage? Practicing medicine without medical malpractice insurance will expose you to personal liability. It may also violate state laws and subject you to other penalties. What action can the astute PA take to resolve such a problem within one day? Contact CM&F Group, Inc. Why choose this company for a replacement policy? CM&F has an underwriting team which holds A. M. Best Company’s highest rating for financial strength: A++ (Superior.) CM&F is the company that I have personally trusted since 1999 and the one which I encourage medical society members to choose for quality insurance protection. Also very importantly, they are the endorsed professional liability insurance provider for the AAPA and have been advocates of our profession with a long history of excellence. This company has served medical professionals for the past 72 years and despite periodic ups and downs in financial markets, has never experienced a situation that has put its clients at financial or personal risk. Don’t hesitate. This is a time for immediate action. Let CM&F and their insurance specialists secure your new coverage quickly and efficiently and never lose one day of practice or peace of mind. I place my trust and security with CM&F. Will you? Quote Link to comment Share on other sites More sharing options...
surgblumm Posted July 19, 2019 Author Share Posted July 19, 2019 This is an urgent time sensitive message since Capstone has been liquidated by the Texas Insurance Bureau. Quote Link to comment Share on other sites More sharing options...
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