How:
Customized Options. Better Choices.
MedProvision offers a fully customizable menu of coverage and risk sharing options.
By selecting options that best fit your needs, you can design a plan that perfectly fits your organization. Your MedPro agent will be happy to provide detailed descriptions of any of the following options.
First-Dollar Coverage
First-dollar coverage provides payment of all costs and/or losses associated with a claim, from the first dollar of loss to the full limit purchased.
Deductibles and Self-Insured Retentions (SIRs)
You decide not only the deductible level — i.e., how much risk you retain — but also whether the deductible retained is for indemnity payments only, or both indemnity and defense expense. It's your choice.
Reinsurance
Reinsurance is insurance purchased by one insurer from another insurer, or insurance purchased by a self-insured entity from an insurer to mitigate risk. When it comes to reinsurance, MedProvision has a huge advantage — our financial security. We have the capital required to meet your needs. Our industry-leading A.M. Best rating (A++) positions us to provide reinsurance to your system in whatever unique and creative ways your system requires.
Whether you need reinsurance or a combination of reinsurance and primary insurance, MedProvision provides solutions to solve your needs... your way.
Performance-Based Risk Sharing
Designed for flexibility, MedProvision provides solutions through two different plans that feature final premium pricing based on loss experience: loss-sensitive plans and retrospectively-rated plans. Though unique, both approaches often reduce premiums for future policies and sometimes even provide premium refunds if an insured's loss experience develops positively.
Loss Portfolio Transfer (LPT)
A loss portfolio transfer is a transaction where losses that are incurred but have not yet been paid (whether reported or not) are ceded to MedPro or its affiliates. After the transfer, insureds receive the benefit of MedPro's 110+ years of experience defending healthcare providers. We also manage all claims arising out of the LPT until every claim is fully resolved. You could even have a policy with full consent authority for every claim, which means we cannot settle any claim or suit without your prior consent.
Fronting
Fronting is a specialized form of reinsurance ordinarily used by captive insurance companies ("captive"). An admitted insurance company ("fronting company"), typically issues its policy to the captive and then the risks of that captive are transferred from the fronting company back to the captive through a reinsurance agreement, known as a fronting agreement. The captive's risk are now written on admitted paper.
Fronting arrangements may be used to satisfy financial requirements, to meet state insurance laws or even to obtain the use of the fronting company's services, without transferring the actual risks. With the highest rating from A.M. Best (A++) and licensure in all 50 states, MedPro is perfectly positioned to provide your captive with fronting solutions through our MedProvision program.
Excess Insurance
Excess insurance provides coverage for claims that exceed the limits of a primary policy or a self-insured retention. MedProvision provides solutions that allow an RRG, a captive insurer, or an insured with an SIR or trust, to secure both excess and primary coverage from the same carrier, thus simplifying and streamlining insurance structures.
Captive Company
The primary purpose of a captive is to finance risks associated with its owners or participants. However, captives (whether domiciled onshore or offshore) rarely offer the financial strength and longevity of an A.M. Best-rated A++ company. So, please contact us today to learn how MedProvision can provide solutions to solve your captive needs... however you want them solved.
