What it does
PR 24 02 adds a binding arbitration provision to the policy, for disputes between the insured and the insurer as described in the endorsement. A non-binding version is also filed (PR 24 01).
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 that prefer arbitration to litigation for coverage disputes.
Quoting and selling notes
- Explain that binding arbitration replaces a lawsuit for the disputes it covers.
- State law may restrict binding arbitration in insurance contracts.
- Compare with PR 24 01 if the client prefers a non-binding process.
