What it does
PR 24 01 adds a non-binding arbitration provision for disputes between the insured and the insurer, as described in the endorsement. Either party can still pursue other remedies after a non-binding award.
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
Used by carriers and insureds who want a step short of litigation for coverage disputes.
Quoting and selling notes
- Explain the process and costs of arbitration under the endorsement.
- Contrast with binding arbitration (PR 24 02).
- Check state law on arbitration clauses.
