Premium Information

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National Medical Professional consistently offers substantial premium savings compared to the retail insurance market. We are able to accomplish this in part because of our strategic vision of limiting our risk to disciplines of medicine where we have particular expertise, and avoiding high-risk exposures such as OB/GYN, orthopedic surgery, neurosurgery, emergency medicine and other specialties..

Review these frequently asked questions, and call or write if you need further information, or have any additional questions.

• How is my premium determined? 
• What discounts are available? 
• Can my claims experience impact my premiums? 
• Do I have to pay a capital contribution to join National Medical Professional? 
• Can I pay my premium in installments? 
• Can National Medical Professional demand an assessment? 
• Does National Medical Professional have the ability to declare a dividend? 
• My state has a patient compensation fund. Can I still join National Medical Professional? 

Q. How is my premium determined?
A. Premiums collected by National Medical Professional are used to pay losses, claim expenses and the operating expenses of the company. We engage a leading actuarial firm to conduct an independent analysis that assists us in setting premiums that are adequate to protect are financial stability, without being unfairly excessive or discriminatory. This analysis combines our loss experience with the experience of other carriers to determine base rates for each specialty in each state and county where we offer insurance. The rates are reviewed and approved by the Board of Directors, and provided to our Underwriting Department. Our underwriters use the rates, and applicable underwriting rules to determine the premiums you or your practice are charged. 

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Q. What discounts are available?
A. Various characteristics can impact your premium. These include:

• Physicians New to the Practice of Medicine - Newly licensed physicians entering practice for the first time and having completed an internship, residency or fellowship within the past six months shall be entitled to a premium discount of 50% for the first year of practice, and 25% during their second year of practice.
• Part-Time Status - A fifty percent (50%) part-time discount is available to individual practitioners who practice less than one thousand (1,000) hours per year.
• Claims and Loss Free Discounts - Practitioners who remain PENDING CLAIM and LOSS free for at least thirty six (36) consecutive months may be eligible for a discount ranging from 5% to 15% depending on the length of time they are claim or loss free. One pending claim, or claims that close without indemnity payment do not affect eligibility for this credit.
• ACRO Membership - Members of the American College of Radiation Oncology (ACRO) may be eligible for a five percent (5%) credit.
• ACRO Accreditation - Practices accredited by the American College of Radiation Oncology (ACRO) may be eligible for a five percent (5%) credit.

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Q. Can my claims experience impact my premiums?
A. Yes. Adverse claims experience can impact both your eligibility for coverage and the premiums you pay. In general terms, subject to underwriting judgment, a single pending claim will neither impact your eligibility for a claims-free discount. A single paid loss will result in the loss of a claims-free credit, but likely will not result in a premium surcharge. Multiple pending claims or paid losses are likely to result in higher premiums for a certain period of time. We evaluate your prior ten years of loss experience in determining your eligibility and premiums.

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Q. Do I have to pay a capital contribution to join National Medical Professional?
A. No. Unlike other RRGs, which can require a capital investment (ranging from 30% to 100% of a mature premium) in addition to annual premium payments, National Medical Professional has been formed as a mutual company which requires no capital investment from its physician insured members. Insureds pay annual premium payments only.

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Q. Can I pay my premium in installments?
A. Yes. Our staff can assist you with obtaining reasonable premium financing through commercial premium financing companies.

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Q. Can National Medical Professional demand an assessment?
A. No. National Medical Professional only issues non-assessable polices.

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Q. Does National Medical Professional have the ability to declare a dividend?
A. Yes. National Medical Professional does have the ability to declare a dividend, although we do not expect to do so at this time. Our favorable loss experience is expected to continue to result in a reduction of our premiums from time to time, as well as the application of underwriting discounts.

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Q. My state has a patient compensation fund. Can I still join National Medical Professional?
A. Yes. National Medical Professional is familiar with the mandatory and voluntary patient compensation funds in the states where we offer insurance, and assists insured with complying with these assessments and regulations.

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