New AAPM Professional Liability Program Underwriter
Dear AAPM Member:
Since the inception of our professional liability insurance program, this coverage has been underwritten by the Chicago Insurance Company (CIC). Initially and for most of those years, CIC has been a responsive and cooperative partner as carrier for this program. However, over the past few years we and Marsh have been dissatisfied with the apparent unwillingness of CIC to sufficiently improve the program offering and clarify policy language. For these reasons, we are pleased to announce that after careful research and extensive negotiations over the past year, the AAPM Insurance Subcommittee has approved conversion, effective 4-1-11, to Liberty Insurance Underwriters (Liberty) as the new underwriter for our professional liability program.
Liberty, a member of the Liberty Mutual Group, is rated A (Excellent) by A.M. Best Company and is licensed in all 50 states plus the District of Columbia for Professional Liability and all Property/Casualty coverage. The Liberty policy is designed to provide the same broad coverage and affordable premium to which you have become accustomed. As part of this transition, we have worked with Liberty to provide the following coverage enhancements at no additional cost:
- Shielding Design coverage, subject to the policy's Limit of Liability, is now built into the policy form at no additional cost;
- Individuals now have 180 days, in the event of Death or Disability, to request an unlimited coverage tail (Extended Reporting Period Option) at no additional cost;
- The Property Damage to Property of Others coverage sublimit has been increased to $100,000.
The program will continue to be administered by Marsh U.S. Consumer, the industry leader with over sixty years experience in designing and administering Professional Liability coverage.
Effective 4-1-11, all new and renewal policies with a renewal date of 4-1-11 or later will be underwritten by Liberty, in all states except New York state which will come on line upon approval of that state's filing. New policies or renewals with an effective date prior to 4-1-11, will be underwritten by CIC and converted to Liberty upon the next renewal. We look forward to a smooth conversion transition and a productive new relationship with Marsh and Liberty.
William A. Roventine
Chairman, AAPM Insurance Subcommittee