A.M. Best Assigns Ratings to Princeton Insurance Company

Announced on Friday, May 4, 2012, Independent rating agency A.M. Best assigned Princeton Insurance Company an initial financial strength rating of “A+ (Superior).” The outlook is “positive”, meaning that a further upgrade – to A.M. Best’s highest A++ rating – is “possible in the future” if Princeton’s “favorable financial and market trends continue.” 

Financial Strength Ratings:

Rating A+ (Superior)

Financial Size Category: IX ($250 Million to $500 Million)

Outlook: Positive

Action: First

Effective Date: May 4, 2012 

Issuer Credit Ratings:

Long Term: aa

Outlook: Positive

Action: Assigned

Date: May 4, 2012 

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit .

For more on this click the link below:

http://www3.ambest.com/ratings/FullProfile.asp?BL=0&amb=2873&AltNum=2642873&AltSrc=4

===================================================================================================================

Tabitha Hurban, Customer Service Representative

Professional Liability Insurance Group is proud to welcome to the family, a new Customer Service Representative, Tabitha Hurban.  Tabitha is an insurance professional with extensive experience working in a variety of computer programming, claim and insurance applications.  She has an Associates Degree in Computer Information Systems and has most recently held the position of Office Manager for a local insurance and mortgage protection agency.  Her career has taken her from protecting clients’ assets through mortgage and life insurance coverage, to conducting research, analysis, debugging and monitoring of project-tracking systems as a Computer Program Analyst.  She has come to us with industry-specific experience in claims processing and in a Customer Service Representative role within the insurance industry. Tabitha lives near Vineland, New Jersey with her husband and two children.  We are so happy to have you working with us!

Shayne, Paula & Tabitha

Professional Liability Insurance is comprised of many different types of coverage – from Errors & Omissions to Medical Malpractice, from Directors and Officers coverage to Employment Practices Liability coverage.  While there are different types of coverage that protect professionals of varying professions and organizations, the core concept is the same: to protect you in case of negligence lawsuits.

Differences in insurance

D&O, E&O, and EPLI each protect employers, and/or the managers who work for them, in different ways.  Below is a synopsis:

·D&O: Directors and Officers insurance liability policies provide insurance for negligent acts, omissions or misleading statements committed by directors and officers of a company that result in lawsuits being filed against the company.   Directors and Officers insurance is available to professionals who are board members or executives of an organization, whether for profit or non-profit.  D&O coverage can be purchased to reimburse the company when it indemnifies directors or officers, to specifically cover directors or officers when the company doesn’t indemnify them or can provide entity coverage to cover claims made specifically against the company.  These claims can come from just about anyone or any entity. 

·E&O: Errors and Omissions insurance is coverage that protects those people that give advice, make educated recommendations, design solutions or represent the needs of others. As the name suggests, it protects these people when they’ve done something they shouldn’t have (error) or when they neglected to do something they should have (omission).

·EPLI: Although somewhat different, many confuse Employment Practices Liability Insurance with D&O and E&O insurance. EPLI covers employers from claims made by workers who have sued the company for violating their legal rights as employees. Possible lawsuits include claims for sexual harassment, breach of employment contract, wrongful termination, discrimination and failure to hire or promote.

Having D&O, E&O, and EPLI insurance coverage is the only way for you to mitigate the costs and legal expenses coming from claims of negligence from your performance. 

Negligence lawsuits focus on the failure to perform based on expectations or a contract, alleged misrepresentation, and other claims. They claim financial loss based on your alleged actions.

Worried about the costs of these insurances? Coverage can provide you with more protection than you think for less money than you’d expect.

You may think you are covered to some degree with your general liability policy, but those more general policies typically only protect against certain bodily or property damage and some personal injury claims. You need a professional liability insurance policy to protect you from potential negligence claims.

We wish her well and know that this is just the beginning of a long and successful career. We may see Natalie on “The Voice” someday soon!

Good luck Natalie! It was a pleasure working with you and we will miss you!

MDAdvantage will present a Risk Management seminar entitled Privacy and Security: Are You Compliant? This event will take place on Wednesday March 28, 2012 from 5:30 PM until 8:45 PM with check – in and dinner at 5:00.

This program is offered at no extra charge to all physicians and practice managers.

It will be held at:

Stony Hill Inn, 231 Polifly Avenue, Hackensack, NJ                                                                                                                                                  The presenters will be:

Stevie M. Davidson, CPHIT, President and CEO, Health Informatics Consulting                         

Michael J. Schoppmann, Esq., Kern Augustine, Conroy, & Schoppmann, PC

Click on link below to view the seminar flier and to register: 

 http://cmetracker.net/MDA/Files/Brochures/5275.pdf  

 If you have any questions please contact us at (856) 692-7702 or email us at info@pligofsj.com.

“Chuck and I truly appreciate your wonderful help all these years.  Thank you.”  – Rina Mintz

Shayne Bevilacqua, MBA, Principal

While we are not an accounting office and do not offer any tax or legal advice, this article does remind me to reiterate one fact:  That is to make sure your medical malpractice insurance carrier is aware of all locations you may practice.  

While some may tell you it’s not necessary if you are covered “anywhere in the state”, it is always a sound business practice to let your carrier know the practice locations’ name and address for each location.  That way, if and when a claim arises, the insurance carrier is not surprised as to the location of the incident.  As a guideline, it’s always best to minimize the unknowns wherever possible, both in business, and in medicine.  - Shayne

Click on the link below to view the entire article ‘How to deduct for a home office.’

By Lawrence Keller, CFP, CLU, CHFC, Medical Economics, December 25, 2011

http://www.modernmedicine.com/modernmedicine/article/articleDetail.jsp?id=754003&cid=PRAC

As always, if you have any questions or need further information, please do not hesitate to call me at (856)692-7702 or email me at info@pligofsj.com.

Today’s press release echoes this message. 

We are confident that this acquisition is not only a win for the companies and their policyholders, but more specifically for our healthcare partners and clients, who have come to expect the highest level of protection.

With the transaction completed the resultant company can now begin the work in earnest to make sure that they deliver on their commitment to enhance the benefits that their policyholders are provided.  These efforts will not be finished overnight.  This transaction is great news, and we will all continue to provide excellent service now and into the future. 

Both companies recognize that there will be numerous questions as they work through this transition over the next several months.  We remain committed to a policy of transparency as plans and decisions are made to blend the business of MedPro and Princeton.

To view the press release click on the link below.

http://www.princetoninsurance.com/downloads/News/MedProPrincetonInsurance_Final.pdf 

As always, please feel free to contact Professional Liability Insurance Group with any inquiries in the meantime.