Similar healthcare organizations with common risk characteristics have the option of forming a risk purchasing group. Depending on the number and size of participants, this approach may result in more competitive or preferred coverage from an insurer. ProAssurance’s financial stability and expertise provide a solid insurance company option.
The history of risk purchasing groups dates back to the mid-1970s, when it was difficult to obtain or afford products liability coverage. The Federal Liability Risk Retention Act of 1986 opened up the ability to form a risk purchasing group for any type of liability. Professional associations sometimes create risk purchasing groups for members to enable increased buying power.
ProAssurance was selected by Ascension Health to provide insurance for its large, national risk purchasing group program’s participants beginning in 2011. This CertitudeTM program is a strong example of a privately labeled risk purchasing group professional liability insurance program that continues to grow and serve its members. Another example is the Ob-Gyn Risk Alliance, with ProAssurance also insuring its growing membership starting in 2011.