ProAssurance Corp., a specialty writer of professional liability insurance, and the Cooperative of American Physicians, Inc. (CAP) are partnering to offer a new liability protection product, CAPAssurance, for hospitals and other medical facilities in California.
CAPAssurance will use the same CAP Claims Services professionals used in thousands of medical professional liability claims throughout California.
“As the nation’s healthcare system aligns physicians and hospitals ever more closely, each needs to anticipate how the other must respond to the options available in this new era of patient health,” said John E. Ingram, M.D., Chair and President of CAP. Dr. Ingram also said,
CAPAssurance program offers the assistance of risk managers to work with hospital staff professionals to prevent claims from occurring.
ProAssurance expects the establishment of CAPAssurance will allow ProAssurance to grow the premium that it already writes in California. ProAssurance is not acquiring or committing to acquire a material amount of assets or a book of business under this arrangement. As this is prospective for both parties, neither ProAssurance, nor CAP, can predict with any certainty, how much business will be written a result of this joint effort.
ProAssurance Corporation is a specialty insurance company focused on medical professional liability, products liability for life sciences, and the medical technology industry and legal professional liability.
The Cooperative of American Physicians, Inc. was established in 1975 by a group of California physicians to manage the escalating cost of medical professional liability coverage and today provides protection to nearly 12,000 California’s physicians. CAP also offers medical professional liability protection to physicians practicing in large groups through the Cooperative of American Physicians Insurance Company, Inc., a Risk Retention Group.
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