Conventus Inter-Insurance Exchange, a physician owned and governed medical malpractice insurance company, has commenced a continuous open enrollment policy.
The new policy was made possible by the response to the Conventus solution, which has enabled the company to build a diverse membership spread amongst hundreds of physicians in more than 20 specialties. This has eliminated the need for limited enrollment periods that the company used previously to balance its membership evenly across medical and surgical specialties, a measure necessary to balance its risk.
Conventus members comprise a reciprocal insurance exchange, an unincorporated group of individuals who mutually insure one another, and whose chief administrator is an attorney in fact. The attorney in fact of Conventus is NIP Management Company, LLC. Membership is open to individual primary care physicians and specialists who conduct more than 75 percent of their practice in the State of New Jersey. The company will not expand into other lines of insurance or offer coverage to hospitals and other health care facilities, nor will it underwrite policies in other states.
The company offers claims-made medical malpractice insurance policies at cost, with excess profits being returned to policyholders in the form of dividends or distributions. It offers liability limits of up to $5 million per occurrence, $7 million aggregate.
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