Shep Tapasak, Senior Vice President of Specialty Underwriting, was recently featured in an article on the Crittenden Medical Insurance website. The article, ProAssurance Stresses Discipline in its HPL Approach as Market Hardens, discusses the rise in hospital professional liability rates.
“We have been seeing rate increases in the hospital professional liability space for about 18 months,” Tapasak said. “I would not say we’re in a hard-market cycle yet, but it’s firming up after a prolonged soft market of seven or eight years, during which insurers and hospitals benefited from favorable loss development on older accident years.”
The article discusses using a disciplined approach for rate sustainability and potential future COVID-19 claims.
The ProAssurance Specialty Underwriting team provides coverage on an excess and surplus basis for hospitals & healthcare systems, multi-state medical groups, physicians unable to secure coverage in the standard market, senior care & other long-term care facilities, and miscellaneous medical facilities. Coverage solutions can include fronting for self-insured retentions, reinsurance, captives and other forms of alternative risk transfer. Excess & surplus lines brokers can contact Shep Tapasak at 800-282-6242 ext. 3034 for more information.