Professional Liability Insurance
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Competitive ratesSPMT offers competitive professional liability rates to its member physicians due to its unique structure and low overhead. There is no need for additional profits to be built into our rates since all excess funds are returned to members. SPMT's expenses average less than 12% of premiums paid versus an average expense factor over 20% for a traditional insurance company, with this cost savings passed through directly to the Trust's member physicians.
Superior coverageSPMT self-insures its members on a claims-made basis for $250,000 per claim and $750,000 aggregate. The Trust has partnered with Gen Re, an A++ rated reinsurance company, for 25 years to provide limits up to $1,000,000 per claim and $3,000,000 aggregate.
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Eligible for premium refundsBecause SPMT operates as a trust rather than a traditional insurance company, members could be subject to premium refunds and assessments. Assessments are generally deducted from prior year premium surplus, and any remaining surplus is returned to member physicians. During SPMT's 40 years in operation, the Trust has refunded over $7 million to its members and more than $6 million over the amount it has assessed.
Legal defense of your assets and reputationSPMT knows that a medical malpractice claim, with or without merit, can be devastating to a healthcare provider. The Trust is committed to achieving fair settlement of legitimate claims and to launching a vigorous defense of frivolous lawsuits. Legal costs are paid in addition to policy limits.
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