Hospitals and physicians in New York now have a new option for obtaining professional liability coverage and physician excess professional liability coverage, through the establishment of the Healthcare Professionals Insurance Company.
Capitalized with $20 million, the company was recently licensed by the state insurance department. HPIC was created through the sale of the former HANYS Insurance Company, now known as Hospital Insurance Company. The Healthcare Association of New York State (HANYS) has no ownership interest in or authority over HPIC, HANYS Insurance Company, or Hospital Insurance Company, according to officials.
Initially, HPIC will offer hospital professional liability coverage on a primary and excess basis and physician excess professional liability coverage.
“HPIC is a hospital-owned and governed professional liability company with extensive experience. Our mission is to be a reliable market for hospital risk over the long term,” stated Mark Morris, president and chief executive officer of HPIC.
Morris said HPIC has begun discussions with other insurers and reinsurers aimed at increasing HPIC’s capacity to write higher limits.
The company’s headquarters will be in Albany.
The officers are Murray S. Marsh, chairman; Edward G. Murphy, MD, vice chairman; Mark D. Morris, president and chief executive officer; Dennis Loughridge, secretary, and Mark C. Schoell, treasurer.
According to an insurance department report, HPIC has entered into a management, general services and facilities agreement with Hospital Insurance Management Company, Inc., a New York corporation for HIMCO to provide management and financial services to, for and on behalf of HPIC.
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