Overview
The Practice Protection Fund (PPF) was founded to respond to the gap in coverage availability of the Medical Professional insurance marketplace. A growing number of physicians are being forced to become self-insured or change coverage due to the shrinking number of available carriers that are willing to offer medical professional coverage in Louisiana. As a result, Trinity Ins. Services (a Mandeville, La. based claims and TPA company) along with American Excess Underwriters have initiated a fund, which is managed by a professional association, the Practice Protection Alliance.
The concept is unique for the following reasons:- The Fund will offer indemnity only coverage.
- The Fund will work with local independent agents, who will be able to offer risk management for every aspect of a physician’s practice.
- Legal services will be offered separately through Practice Protection Services.
Coverage
The coverage offered by the PPF is a claims made agreement which will pay on behalf of the physician $100,000 per occurrence/$300,000 Aggregate. The PPF coverage has been approved by the Louisiana Patients Compensation Fund to meet the underlying requirements for a physician to qualify for coverage.
Rate Comparison
| Plan | Conventional Carrier | Practice Protection Fund | Rating Class-Territory
| Rate Class 7
Territory 1
| Rate class 7
Territory 1
| | Total Premium | $38,582 | $28,712 | | Savings | n/a | $9,870* | | *Savings will vary based upon individual loss experience and rating classification |
General Information- Practice Protection Fund (PPF) is a self-insured trust fund approved by the state of Louisiana effective September 2004.
- The PPF was granted approval by the Louisiana Patients Compensation Fund on September 30, 2004.
- The primary function of the PPF is to provide medical professional indemnity coverage for members through the utilization of risk pooling and reinsurance support.
- Legal services offered separately by Practice Protection Services (an affiliated litigation management organization).
Financial Management- PPF has reinsurance support to cover 80% of any insured loss through an AM Best A Rated Carrier.
- The PPF has been reviewed by an outside actuarial firm and will be audited for actuarial purposes on a quarterly basis.
- Funds held in trust will be placed in interest bearing accounts that have the financial security necessary for insurance companies.
Account Submission
All submissions should include the following elements:- A completed PPF application.
- Loss Runs for the previous 10 years (or for the time of practice if less).
- Supplemental Claims information for all open and closed claims.
- A statement by legal counsel (if previously self insured) of any claims requiring response.
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