Coverage Options and Policy Features
MAIC offers policies for individual physicians, professional corporations and partnership practices. (Corporate coverage is subject to an additional premium charge.) Per visit rated policies are also available for Emergency Room, Occupational Health and Urgent Care specialty groups.
Policy Limits
MAIC policies are written on a claims-made basis with limits of $1,000,000 per claim/$3,000,000 annual aggregate. Defense Costs are provided outside the limit of liability.
Medicare/Medicaid Billing Errors and Omissions Protection
Reimbursement for reasonable legal expenses arising out of Medicare or Medicaid investigations due to alleged billing errors and omissions. Coverage limit of $30,000, per physician, per investigation, with a $1,000 deductible.
Defense Reimbursement Coverage
Provides $500 per day up to 10 days each policy period for attending trials and depositions (other than your own).
Wide Range of Coverage
The policy territory includes the United States, its territories or possessions, Puerto Rico or Canada as long as any claim brought against a physician is pursued in these jurisdictions.
Legal Expense Reimbursement
MAIC provides reimbursement for reasonable legal expenses incurred because of a Illinois Department of Financial and Professional Regulation hearing or investigation. The maximum reimbursement which a physician may receive per proceeding is $25,000, and is subject to a deductible of $2,500.
Coverage for Employed (Non-Physician) Office Staff and Allied Health Professionals
Lab technicians, office nurses, and x-ray technicians are covered by your policy at no additional charge.
Coverage may be purchased on a shared or separate limit basis for the following: certified nurse-midwives, certified registered nurse-anesthetists, physician assistants, nurse-practioners, dialysis technicians, psychologists and social workers, psychotherapist, orthopedic technicians/nurses, and OB nurses.
Premiums
Policies are provided for a 12 month period. Premiums are billed in quarterly installments without installment charges. The annual premium is billed at 34% of the annual premium for the first quarter and 22% of the annual premium for the second, third, and fourth quarters. There is also the option of paying the annual premium in full.
Coverage Options
Suspended Coverage
MAIC offers suspended coverage for a one to 12 month leave from your practice due to maternity leave, illness, travel or completing fellowship. No coverage is afforded for direct patient care, but premiums are reduced by 75 percent during the leave.
Locum Tenens Coverage
Locum Tenens coverage is available for up to 90 consecutive days within one policy period, except for emergency medicine physicians who are limited to a maximum of 30 consecutive days. There is no charge for the first 30 days.
Part-Time Physician Coverage
Individual physicians who work part-time may qualify for significant premium reductions.
Retired Physician Tail Coverage
MAIC offers, at no-cost, extended reporting endorsement to any Named Insured who retires and has been insured with MAIC for a minimum of five consecutive years and is at least 55 years of age.
Tail Coverage for Disability or Death
MAIC offers an extended reporting endorsement at no charge to a Named Insured who dies or suffers a disability.
Newly Practicing Physician Coverage
MAIC offers reduced rates to physicians who enter medical practice for the first time, or who enter a new specialty for the first time after completing medical training. Special, discounted rates are available for the first four full years of practice if insured with MAIC from the start of the new practice.
For more information about MAIC's renewability, cancellability, and termination Contact Us
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| Medical Alliance Insurance Company (MAIC) is only licensed to transact the business of insurance in the State of Illinois. The information provided on this website is for information purposes only and is not a solicitation to transact any business of insurance in any other state where MAIC is not licensed to conduct such business. Information about the policies and practices of MAIC on its website are summaries only and subject to the actual language of the policies and rules. |