Navigating the complicated world of medical malpractice insurance can be challenging. That’s why it’s important to have a reliable partner by your side. NORCAL Group is a top provider of liability insurance for medical professionals. They offer peace of mind with complete coverage and strong financial support. This review looks at why NORCAL Group is a great choice for medical malpractice insurance. We will cover their strong history and dedication to benefits for policyholders.
About NORCAL Group
NORCAL Group, is known as a reliable provider of medical groups professional liability insurance. The company started in 1975, during a time when more malpractice suits were happening in Northern California. They offered a solution for medical professionals looking for affordable, strong coverage. Since then, NORCAL Group has become the eighth largest malpractice insurer in the United States, based on direct written premium.
What makes them different is that it is a mutual insurance company. This means that the company is owned by its policyholders. They have a say in how the company is run. Policyholders can share in dividends declared for the policy. They also have voting rights to elect the board of directors. This fosters a working relationship between the insurer and the insured that is both clear and cooperative.
Overview of NORCAL Group’s Mission and Vision
NORCAL Group aims to support healthcare providers in giving great patient care. They want to be the top choice for medical professional liability insurance and risk management solutions. This helps healthcare workers deal with the tough parts of their jobs.
Their vision shows that when they protect healthcare providers, they also protect the patients these providers serve. This promise is clear in their focus on offering complete coverage, helpful risk management resources, and strong financial support.
NORCAL’s commitment to both healthcare providers and their patients has established them as a trusted partner in the healthcare industry. By consistently standing up for the success of their policyholders, NORCAL Group shapes a safer and more sustainable healthcare system.
NORCAL’s Role in the Healthcare Industry
NORCAL Group does more than just offer medical professional liability insurance. They work hard to make the healthcare industry safer and more knowledgeable. They know that reducing risk needs a well-rounded plan, so they focus on providing many risk management tools and resources.
Their top risk management program got ACCME Accreditation with Commendation. This shows how good and effective their educational programs are. Through this effort, they have given out over 30,000 continuing medical education (CME) certificates. This helps healthcare professionals gain the knowledge and skills they need for top-quality care.
By prioritizing ongoing education, practical risk assessment tools, and reliable support systems, NORCAL advances a proactive approach to risk management in healthcare. This dedication benefits their clients directly while also contributing to a safer, more resilient healthcare environment for everyone involved.
The History and Financial Strength of NORCAL
Founded by doctors in 1975, NORCAL Group started to meet the growing need for trustworthy medical malpractice insurance in Northern California. The founders aimed to help their fellow doctors and knew that a strong and supportive insurance company was important.
Their strong financial commitment is shown in their repeated A (Excellent) rating from A.M. Best. This rating proves that they are stable and can meet their promises. With over $1.6 billion in assets and a surplus of $741 million for policyholders, NORCAL Group shows their ongoing goal to offer long-term security for those they serve.
Key Milestones in NORCAL’s Growth
NORCAL Group has been successful for four decades, achieving important growth along the way. They are dedicated to meeting the changing needs of healthcare providers. Starting as a small mutual insurance company in Northern California, they now serve policyholders in 39 states and the District of Columbia.
To stay ahead in the industry, NORCAL Group uses new ideas. They now offer information security cyber security coverage at no additional cost. Since cyber attacks have become a real concern, they have added this important coverage to their policies. This shows how committed they are to the needs of modern medical practices.
These achievements also show that NORCAL is focused on growth and change. They realize that to remain a top medical malpractice insurer, they must keep evolving. This way, they can continue to provide important and useful coverage for years to come.
Financial Ratings and What They Mean for Policyholders
Financial strength is crucial in selecting an insurance provider. NORCAL Group’s consistent A rating from A.M. Best for 34 years of strength reflects their stability and commitment to policyholders. A.M. Best rates companies from A++ to B, with A indicating excellence. Their A rating assures policyholders of a secure and reliable insurer, offering peace of mind to medical professionals.
States Available
NORCAL Group started in California but now helps many medical professionals all over the country. They offer their services in 39 states and the District of Columbia. This shows how much they want to provide reliable medical malpractice insurance to a larger number of people.
While they’re not in every state yet, including New York, NORCAL Group focuses on reaching more areas. They want to keep high-quality service. They understand that local knowledge is important. Because of this, they adjust their services to fit the needs of medical professionals in each region.
Medical Malpractice Insurance Overview: Policy Features and Benefits
NORCAL Group’s medical malpractice insurance offers strong protection, with features and benefits designed for healthcare providers. Their claims-made policies include nose coverage. This covers incidents that happened before the policy started.
NORCAL’s policies focus on giving control to policyholders and ensuring their financial security. They have a consent to settle rule. This means no settlement can happen without the policyholder’s approval. They also provide coverage for lost earnings. This gives financial help if a medical professional needs time away from work for legal matters linked to a covered claim. These features show their promise to support their policyholders during tough times.
Understanding Policy Coverage Terms
Navigating medical malpractice lawsuits can be complex and vary according to state laws. It is important to fully understand your policy coverage. NORCAL Group knows this and focuses on being clear and open, so their policyholders feel sure about their coverage. One important part of their coverage is that they will cover defense costs that are outside the liability limits. This means that the legal fees you incur during a covered medical malpractice claim won’t reduce the total amount available for settlements or judgments.
NORCAL also offers several helpful additional benefits to support their policyholders’ well-being and financial safety. Some benefits include free tail premium coverage for retirement, death, or disability. This continued protection remains, even after you leave your practice in certain situations. They also see the growing use of technology in healthcare and provide cyber security coverage at no extra charge.
Their policies include administrative defense coverage and optional general liability coverage. This shows they understand the many risks healthcare providers face today. With a strong set of coverage options and extra benefits, they provide medical professionals with peace of mind. This way, they can focus on giving excellent care to their patients.
Key Takeaways
NORCAL Group is a top provider of medical malpractice insurance with local expertise. They offer complete coverage options while staying dedicated to the well-being of their policyholders. They focus on being financially strong and provide helpful risk management resources. This includes medical education and support for electronic data recovery. These qualities make NORCAL Group a trusted partner for medical professionals who need reliable protection. Their strong financial background and commitment to keeping policyholders happy put them among the best in the field of medical malpractice insurance.