Coverage Features
& Benefits Checklist
PRMS® understands the unique practice issues psychiatrists face. Every aspect of our comprehensive medical professional liability insurance program reflects our dedication to protecting your practice, supporting your needs and defending your professional reputation.
Please Note:
PRMS is in the process of filing an enhanced policy with state insurance boards that is currently available in many states and will be available nationwide pending state approvals. To to find out where the enhanced policy is offered and to learn more about the coverages included, click here. Please know that our existing coverage, as detailed below, includes the same outstanding level of customer service and comprehensive program benefits.
- Psychiatry-specific
- Policy types: Occurrence, claims-made
- Switch to PRMS without purchasing tail coverage from previous carrier
- Professional liability: Broad definition of Psychiatric Services (includes publications, telecasting activities, peer review, teaching activities, clinical trials, etc.)
- General business liability: Separate limit
- Premises liability
- Personal and advertising injury
- Breach of privacy/confidentiality: Up to policy limit; additional $25,000 limit for first-party crisis expenses
- Administrative defense: $50,000 defense costs for disciplinary or similar proceeding commenced by a government/quasi-government, professional society, hospital or healthcare organization
- Coverage for group practices
- Coverage for telepsychiatry
- Coverage for forensic services
- Sexual misconduct: $25,000 sub-limit
- Non-party testimony or document production expense
- Vicarious liability (additional charges may apply)
- Locum Tenens
- Temporary suspension of coverage
- Premium waived for tail coverage in case of death or permanent disability
- Premium waived for tail coverage in case of retirement if age 55 or more: after five continuous years of claims-made coverage
- Premium waived for tail coverage based on other reasons: after 10 continuous years claims-made coverage subject to guidelines
- Limits up to $2/$6 million
- Nationwide coverage
- Highly-rated carrier
- Insurance carrier: Fair American Insurance and Reinsurance Company (FAIRCO), New York, N.Y. (NAIC 35157), California number 3515-7.
- AM Best rating: A++ (Superior)
- Standard and Poor’s rating: A+
- Child and adolescent: 15%
- Early career: Five-year discount starting at 80% post-residency or fellowship
- Military: Five-year discount starting at 80% after exit from the military
- Part-time: Up to 60%
- Risk management: 5%
- Psychiatric association membership: 5%
- Psychoanalysis: 5%
- Resident/fellow moonlighting: Up to 80%
- New client: 10%
Please Note: Eligibility requirements must be met. Actual terms, coverages, conditions and exclusions may vary by state and are subject to underwriting.
- Consent to settle required with no arbitration clause
- Nationwide network of defense attorneys skilled in psychiatric litigation
- Attorneys are paid directly: no out-of-pocket defense expense
- In-house claims staff that has handled over 31,000 psychiatry-specific claims
- Loss of earnings for assisting defense: $1,000 per day, no aggregate
- Legal bond costs
- Defense expenses in addition to limit
- Insurer has duty to defend
- Toll-free Risk Management Consultation Service (RMCS) helpline: Staff has advised psychiatrists on over 85,000 issues since 1997
- Free CME courses and our vast library of resources on PRMS U
- Access to eRiskHub: technology and data breach resources
- Quarterly psychiatry-specific risk management newsletter, Rx for Risk
- State- and psychiatry-specific risk management alerts
- ACCME Accreditation with Commendation