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Professional Liability Insurance
We hope you all received the Spring 2007 issue of The Florida Nurses and are are aware
of the Sophia Palmer Nurse Risk Retention Group that is the RRG formed at FNA’s
request and with our full endorsement to offer nurses in Florida quality liability insurance
at reasonable cost. This communication is to announce that Sophia Palmer RRG is now
marketing the insurance and it is now available for you to purchase.
The prices are variable depending on your clinical area of practice, where you practice in
Florida, and whether you work full time or part time. Therefore, we are suggesting that
interested nurses and nurse practitioners contact the Senior Underwriter for Sophia
Palmer RRG, Charles Sheehan directly. His phone number is (904) 310-6247, fax is
(678) 781-2450 and his e-mail address is [email protected]. Charles will work with
you to get the best plan at the lowest cost based on your practice situation. For instance
he just worked with an NP who has a faculty position but works as an NP part time. He
worked with her to get a part-time rate for her NP practice.
Sophia Palmer is offering a “claims made” policy and an occurrence based policy. The
occurrence based policies are more expensive because if you have claims made policy
now there is a cost associated for “nose coverage” to insure you for claims made after
you change policies. The beauty of an occurrence based policy is that you are covered for
all incidents that occur during the time you are insured with Sophia Palmer even if you
are long retired when the claim is filed against you. If you have only been on a claims
based policy for one year then your “nose coverage” should be reasonable. Mr. Sheehan
can answer any questions you have about the types of policies and what is best for you.
Policies for 100,000/300,000 limits and 250,000/750,000 limits are available. By law you
must carry the $100,000/$300,000 limit policy so that is what we suggest that you
purchase. Remember NPs in Florida have had so many claims against them because
physicians carry only the minimum and NPs have been the “deep pockets”. If you have
clinical privileges at a hospital sometimes you are required to carry $250,000/$750,000 in
coverage so that is why you might feel the need to purchase the higher coverage. Sophia
Palmer will insure you if your supervising physician “goes bare”.
Sophia Palmer RRG is a nurse or insured owned company so policy owners must
purchase shares of stock in Sophia Palmer RRG on initial insurance coverage only.
You must purchase stock only once no matter how long you are insured by Sophia
Palmer RRG. The stock purchase depends on your premium and type of coverage. RNs
who are insured by Sophia Palmer RRG must purchase two shares of stock at $25.00
each for a total of $50.00. Nurse Practitioners must purchase shares equal to forty (40)
percent of your original purchase premium amount. So, if an NP’s premium is $2,000.00
he/she must purchase $800.00 of stock in the company. This $800.00 can be paid over
three years. This stock will be repurchased by Sophia Palmer when you retire or move
out of state so long as the NP stays insured for a period of time. Remember Sophia
Palmer is owned by the insured so you will not receive notices that the company is no
longer writing policies in Florida because you will have ownership in this company that
is formed to write policies in Florida! There was an error in the article I wrote in the
Florida Nurse saying that NPs would have to purchase stocks equaling ten (10) percent
of the initial premium. The correct amount is forty percent as written here.
FNA Members will get a 10% discount so this will be a significant benefit. Some NPs
could save enough to save money even after paying the FNA dues of $246.00. This
10% discount will be for the duration of your insurance coverage with Sophia
Palmer so long as you maintain your membership in FNA. This 10% discount will
also save you on the stock purchase since it is based on your initial premium
amount. FNA Membership really means something for those insured by Sophia
Palmer!
Please call, fax or e-mail Charles Sheehan to purchase your policy now. Chuck can enroll
you on the phone or by fax.
If you have any questions regarding this notice you can e-mail me at
[email protected] or contact Bibi Lowton at [email protected] or by calling the
FNA office.