What it does
PR 24 00 adds a consent-to-settle condition: the insurer will not settle a claim without the insured's consent, on the terms set in the endorsement. Many professionals want a say because a settlement can affect their professional reputation.
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
Physicians, dentists and other licensed professionals concerned about settlements being reported or affecting their records.
Quoting and selling notes
- Read how the endorsement treats a refusal to consent; some versions limit the insurer's liability for later amounts.
- Ask whether hospital or group policies already give the physician consent rights.
- Pair with arbitration endorsements where desired.
