No one wants to go grey, but you’ll love going Platinum

What would you do if : 
• Lost your engagement ring? 
• Couldn’t sleep in your home because of a recent fire? 
• Didn’t have a ride to work because your car is in the shop after an accident?

You wouldn’t have to panic if you have the right protection!

Here at ICNJ, we understand that a “one size fits all” actually doesn’t. That’s why we back Hanover’s Commitment to providing quality policyholder service and unique coverage. Hanover Insurance offers packaged protection for all your needs with the convenience of one bill, one account, and one effective date!

It’s more than just insurance coverage, it’s an experience including: 
• Superior services- Platinum Claims phone number, exclusive online tools, 24/7 access to your policies, and much more! 
• Smart Savings with discounts on your policies 
• Additional protection options to cover all your valuables such as Schedules items, Guaranteed Replacement Cost, Rental Car Coverage and more.

 

It’s the Platinum Experience! 
Contact Allison Sanchez at (201) 525-1100 (x19) or asanchez@icnj.com for a quote

Data Breach Protection Plan

If you think the rules regarding data breach reporting apply only to major breaches involving 500 or more persons you are wrong!

-71% of data breaches happen to small businesses

-Small businesses experience 95% of the credit card breaches reported

-52% of small business owners say they have no data security policy

-Reported data breaches were up 38% in 2011

And when sensitive data is exposed- your reputation is on the line!

 

We can help absorb some of the costs associated with a breach:

1. The Cost Of Notification-

 (i) E-mail and First Class Mail; (ii) Substitute Notices: Media Notice; (iii) Substituted Notices: Toll-Free Number; (iv) Imputed cost to affected individuals who call the toll-free line; (v) Notice to Media of Breach: Over 500; (vi) Report to HHS: 500 or More; and (vii) Investigation Costs: Under 500; (viii) Investigation Costs: 500 or More;.

 

Consequently, compliance with the notification requirements of the Breach Notification Rule can be expensive, particularly if the number of individuals whose PHI has been compromised is large.

 

1. Civil Monetary Penalties

-The entity did not know and could not have known of the HIPAA violation: Not less than $100.00 nor more than $50,000.00 per violation.

-There was reasonable cause for the HIPAA violation: Not less than $1,000 nor more than $50,000 for each violation.

-The HIPAA violation resulted from willful neglect on the part of the culpable entity but was corrected within 30 days of the date the entity became or should have become aware of the violation: Not less than $10,000 nor more than $50,000 per violation.

-The HIPAA violation resulted from willful neglect and violation was not corrected: Not less than $50,000 per violation.

3.    Litigation

4.   Additional Costs

-reputational damage and unfavorable media attention

-credit monitoring services tto affected individuals

– patient and public trust corrosion

Is your company vulnerable to a data breach? Assess your risk level now with the Data Risk Calculator. 

How much could a data breach impacting private customer or employee information cost your company? Get an estimate with the Data Breach Expense Calculator. 

Give Geri Warick a call (x18) or e-mail her at gwarick@icnj.com for more information.

Protect Your Home

 

You’ve spent time, energy, and money on picking out the perfect Holiday and Valentine’s Day gift.

But did you know most policies limit the amount of insurance for jewelry, watches, and furs?

Protecting yourself is much more affordable than you might think!

Contact Allison Sanchez at asanchez@icnj.com or 201-525-1100 (x19) for more information.

Pediatricians- Start Saving!

Don’t miss this opportunity to reduce your malpractice premium through the AAP/NJ Purchasing Alliance and MDAdvantage. You could be saving 20% annually!

Base Premium: $8,644

Premium Credits Available: $2,596

     AAP NJ Purchasing Alliance Credit

     Practice On-Site Assessment

     Electronic Medical Record System

     Practice Self-Assesment

     Electronic Prescription Writer Credit

    Educational Program Credit

Final Annual Premium: $6,048

And remember- MDAdvantage Insurance Company of New Jersey has been assigned a financial strength rating of “A- (Excellent)” from A.M. Best!  Step up to a whole new level of protection with MDAdvantage in partnership with  the AAP NJ Chapter and AAP NJ Purchasing Alliance.

Contact Geri Warick at 201-525-1100 (x18) or gwarick@icnj.com and start saving!

This Premium Indication represents one premium possibility, and includes an array of product credits that are available through MDAdvantage® for your specialty.

Your final premium proposal may vary depending on your particular circumstances, and will be developed once all of your information has been submitted to MDAdvantage.

This Premium Indication does not extend any commitment of coverage or pricing on the part of MDAdvantage Insurance Company of New Jersey.

GREAT NEWS FOR DERMATOLOGISTS!

We recently saved a dermatologist over $3.5K by switching them to MDAdvantage NJ Dermatology Purchasing Alliance’s program from their current medical malpractice insurance provider.  Additionally, they were provided through MDAdvantage the Supreme Advantage coverages EPLI data breach and billing defense at no additional cost.

“Doctors today face unprecedented economic challenges, and need to protect not only how they practice medicine but how they operate their businesses, “said Patricia Costante, CEO of the Lawrenceville, N.J.-based MDAdvantage. “Supreme Advantage™ was developed to help physicians in all specialties—ranging from solo practitioners to those in large groups—afford the increasingly high cost of practicing medicine in New Jersey. We are proud to be the first New Jersey-based medical professional liability carrier to provide this supplemental coverage to its insured physicians at no additional cost.”

Would you like to lower you costs and reduce your medical malpractice premium? Would you also like to be protected for employment related suits and have defense coverage for HIPPA hi-tech violations and RAQ audits? If you answered yes, which we are sure you did, What are you waiting for? MDAdvantage Discount for members of Dermatological Society’s Risk Purchasing Alliance is 25%!!!

Coverage highlights:

• Employment Practice Liability Insurance (EPLI): wrongful termination, employment discrimination  sexual harassment, invasion of privacy, and other activities.

• Privacy and Data Security Insurance (PDSI): network security and privacy violations involving HIPAA, data breaches and patient notification, data recovery and other activities.

• Medical Practice Administration Insurance (MPAI) : Medicaid audits, other types of audits and the resulting fines and penalties.

Physicians whose medical professional liability insurance is through MDAdvantage will receive a complimentary level of all three coverages at no extra cost, and will also have the option to purchase additional limits. Doctors not insured with MDAdvantage can purchase either all three coverages, a combination of PDSI and MPAI, or just EPLI.

As an MDA broker we can acquire you a quote and assist you with the application process. Once you become an MDA insured, we’ll be there to service you policyholder needs. For more details please contact Steve Radespiel at 201-525-1100 ext. 12 or via email at sradespiel@icnj.com.

Your coverage, your way

As you may already know, professional liability insurance is available in two forms – occurrence or claims-made.  Although both provide protection, there are major differences between the two and selecting your policy type is one of the most significant decisions you’ll make when buying professional liability coverage.

 

Occurrence

Occurrence coverage responds to a claim based on when the dental treatment occurred, regardless of when the claim is actually made against you. As long as the incident occurred during the policy period, your occurrence policy will respond according to the terms and conditions of the policy — even if the claim is made after the policy period expires. For example, if a claim is made in 2012 based on treatment rendered in 2010, the 2010 occurrence policy responds.

 

With occurrence coverage, you receive a separate set of limits every year you have the coverage.

 

Claims-Made

Claims-made coverage, by contrast, responds to claims based on when the claim is made against an insured. For example, if a claim is made in 2012, based on treatment rendered in 2010, the 2012 claims-made policy responds, as long as the incident occurred after the policy’s retroactive date. The policy’s retroactive date is the date after which treatment must occur to trigger coverage.

 

Because claims-made policies do not cover claims made after the termination of the policy, you must secure “tail” coverage (an extended reporting endorsement) at the termination of the policy.

 

To learn more on occurrence vs. claims made and take our quiz on which is right for you please visit: http://www.medpro.com:80/web/ppdjk0gr/home

Low price dosen’t always equal great value,

At PPA, we understand you want a “great deal” when purchasing your healthcare malpractice insurance. But, if you’re involved in a claim, not only are your career and reputation at stake, but your personal assets can be as well.

 

Healthcare is changing: costly regulatory mandates are changing the way you provide patient care; insurance reimbursement rates are decreasing, and overhead expenses are increasing. Of course, your first instinct is to reduce the costs of doing business, and because healthcare liability coverage is a significant expense, you may feel compelled to shop around for the lowest priced coverage. But, as set out below, there are many reasons why the lowest priced coverage may not be the best value, and therefore, may not be in your best interest.

 

When considering healthcare malpractice coverage, we encourage you to review price in the context of value. Your selection of company and coverage will have a big impact on whether you’re getting the best coverage for your money.

Demystifying Pricing

At PPA, we understand you want a “great deal” when purchasing your healthcare malpractice insurance. But, if you’re involved in a claim, not only are your career and reputation at stake, but your personal assets are, as well.

When considering healthcare malpractice coverage, we encourage you to review price in the context of value. Your selection of company and coverage will have a big impact on whether you’re getting thebest coverage for your money.

Why the Lowest Priced Coverage May Not Be the Best Value

1. The Low Price May Not Account for Unexpected Claims.In 2011, the average healthcare malpractice claim payment made by MedPro nationwide was approximately $325,000, an amount most healthcare providers would find difficult, if not impossible, to pay on their own. As a result, your malpractice insurance company’s financial strength is vitally important. The strength of any insurer is dependent upon that insurer charging the right price for its product. Clearly, if an insurance company underprices its coverage, that company could end up with insufficient resources to pay claims.
2. The Low Price May Indicate You Don’t Have Pure Consent Authority When Resolving Claims.MedPro believes you should decide whether to settle your healthcare malpractice claim. That’s why our policy gives you that right — no exceptions. Other companies policies appear to provide the same protection; however, when you read the entire consent provision you might find exceptions which actually give consent authority back to the insurance company.
3. The Low Price Does Not Support Industry-Leading Claims Defense.Good legal protection is expensive. MedPro utilizes the nation’s best healthcare malpractice defense attorneys, and hiring those attorneys—along with the nation’s best expert witnesses—is expensive. But we believe you deserve the best defense available. MedPro has never and will never compromise defense quality to save a few dollars, and our track record indicates that approach is in your best interest.

   Read More

4. The Price is Low Because Coverage is Limited.Healthcare providers should have access to the industry’s most comprehensive coverage options. Make sure your company offers:
   • Three coverage types: occurrence, claims-made and convertible claims-made.
   • A pure consent to settle provision.
   • A free extended reporting period (“tail”) at retirement after just one year of coverage and a mature retroactive date.
   • A free tail for death and disability.
   • Additional coverages, including: cyber liability, billing error and omissions, as well as defense during administrative hearings or state licensing board actions.

   Bottom Line: No other company beats MedPro’s comprehensive coverage options.

5. The Low Price Reflects Only Current Market Conditions—Not a Long-Term Commitment.The healthcare malpractice insurance market is cyclical, and the past few years have given rise to fewer claims than in decades past. This insurer-friendly environment makes the market attractive for start-up companies.

   But, it’s difficult to establish a price that combines strong defense and affordability. When conditions are less favorable for making money, many of those same startup companies might leave the healthcare malpractice insurance market as quickly as they arrived, thus abandoning you and forcing you to shop for a new insurer.

Because it’s your good name.

As a dentist, you likely already understand the importance of the stability and strength your malpractice insurance carries. That’s why Professional Protective Alliance is a proud broker of Medical Protective (MedPro).

We hope you never experience a lawsuit. Unfortunately, a typical dentist in the United States is sued, on average, once in his or her career (more or less depending on location). With this inevitability in mind, it is important to remember that claims defense is really the primary service you are purchasing with your premium dollars. You are placing confidence in the insurer’s promise to defend you, and pay for damages, should you be sued in the future. After all, settlement of a claim involves more than money; it can have a long-term negative effect on your reputation, your license, and your practice.

We choose MedPro because we know you work hard to build a good reputation.  Did you know many companies settle malpractice claims without your consent?  They use loopholes like the “Hammer” clause, board approval and binding arbitration, your availability, or even dub you are “unreasonable.”  It happens all the time.  This is just one reason MedPro is a trusted leader in the professional insurance field.  They will NOT compromise ANY claim without the consent of the insured.  Give Geri Warick a call today at 201-525-1100 ext. 18 or an e-mail at gwarick@icnj.com. Our clients have the benefit of our extensive experience in matching their needs with their resource allocation and preferences.

We are pleased to announce AAP/NJ Annual Conference & Exhibition!

 

Register here and don’t miss you chance to hear David Schonfeld, MD, FAAP, a world-renowned expert in school crisis and bereavement, address ‘Supporting Children and Families in the Aftermath of a Crisis’ on June 18th and ‘Supporting the Grieving Child and Family’ on June 19th at The Palace in Somerset, NJ

David J. Schonfeld, MD, FAAP, a world-renowned expert in school crisis and bereavement, has been appointed chair of the Department of Pediatrics at Drexel University College of Medicine. He is also the Pediatrician-in-Chief at St. Christopher’s Hospital for Children.  Dr. Schonfeld’s worldwide reputation and expertise extends from pediatric bereavement to pediatric AIDS education and cancer prevention. His expertise in crisis response and bereavement has made him a sought-after authority in the U.S., as well as in Asia, Europe, and elsewhere in the world.  He is the founder and director of the National Center for School Crisis and Bereavement, which specializes in providing information and support to children and schools after crises, like a shooting or natural disaster. “Since children spend half of their waking hours in school, a school is the ideal location to provide support,” he says. “The center provides tools that schools need to help students heal.”  Dr. Schonfeld provided pediatric bereavement and school crisis consultation in the aftermath of Hurricanes Sandy, Katrina, and Ike, as well as after the shootings in Aurora, Colorado and recently in Newtown, Connecticut. Because of his work in Newtown, Schonfeld has been named to the Sandy Hook Advisory Commission which will make recommendations on school safety, mental health, and gun violence prevention.