Dear APA Member:
After decades, your Association has decided not to renew the endorsed malpractice insurance program with Professional Risk Management Services (“PRMS”).
After an extensive search, we are pleased to announce that we have selected American Professional Agency, Inc. (“APA, Inc.”) as our new provider of malpractice insurance based on their industry reputation as a leading national provider of mental health professional liability insurance.
The reasoning behind our decision is important. First, PRMS no longer was willing to keep our program exclusive to our members. APA, Inc. has committed to an exclusive program, which will ensure that the premium rates are based on our members' experiences and not impacted by non-member psychiatrists' claims.
Second, PRMS is owned by the insurer backing the policies, while APA, Inc. is a broker with access to a variety of insurance companies. This will avoid any potential conflict of interest and enhance the program's availability to all of our members.
Most importantly, our new program administrator and insurer are providing a major upgrade to the coverage you need in today's complex environment. For example, the new program includes Fire Damage, Legal Liability, Personal and Advertising Injury Coverage and HIPAA fines and penalties coverage at no additional charge. Also, there are no surcharges for filing a claim or board complaint.
I encourage you to contact APA, Inc. to learn more about this important member benefit. Their toll free number is 800-421-6694.
Sincerely,
James H. Scully, Jr., M.D.
Medical Director & CEO
American Psychiatric Association
