What it does
PR 03 02 adds a deductible to the professional liability coverage of the ISO forms named in its title. The insured bears the deductible amount shown, per claim or as the endorsement provides, and the insurer pays covered damages above it. ISO files a separate deductible endorsement for each group of PR coverage forms.
Program context
ISO's medical professional liability (PR) program provides separate coverage forms for physicians, surgeons and dentists; hospitals; allied health care providers; blood banks; diagnostic testing laboratories; optometrists; and veterinarians, each in an occurrence version and a claims-made version, with matching declarations (PR DS 01 to PR DS 07) and shared endorsements. Forms lists show the 09 08 edition as current. ISO has filed this as its Simplified Medical Professional Liability program.
Who needs it
Larger practices and facilities that want premium savings in exchange for retaining small losses.
Quoting and selling notes
- State the deductible in the quote and how it applies (per claim or per occurrence, and whether it applies to defense).
- Ask whether the insured can fund the deductible if several claims arise in one year.
- Some states restrict deductibles on medical professional liability; check state rules.
