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Novus will provide its members with a primary professional liability
insurance policy, generally with limits of $1 million per occurrence
and $3 million annual aggregate. Novus will also offer policies
with higher limits to those surgeons need them and who qualify.
It will offer policies with lower limits in states having lower
statutory coverage limits. It will issue policies directly to
eligible physicians, their professional corporations, and related
paraprofessionals.
Novus will provide claims made coverage in all states and
occurrence coverage in limited states. There will usually
be no need for a physician to purchase a tail from his old
carrier. Subject to individual underwriting, Novus can provide
prior acts coverage so that a tail does not have to be purchased
from your current carrier. Each new member will, however,
be required to report known problems to his old carrier before
joining the program.
Novus will provide an extended reporting endorsement (“tail
coverage”) to a physician who leaves the program. A
physician who retires after five years with the program will
receive tail coverage for free. The premium for the tail will
also be waved for death or total disability. |
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