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SPONSORS NJ PURE
The increasing costs of medical malpractice insurance as well as the increased level of difficulty for physicians to obtain occurrence-type policies have caused many physicians to change their practice or consider early retirement. It was during this crisis that NJ PURE was founded by former New Jersey Insurance Commissioner Jim Sheeran and award-winning actuary Dr. Lena Chang as a solution for the responsible physicians of New Jersey. NJ PURE is a not-for-profit reciprocal exchange and through this insurance model the policyholder physicians capitalize the insurance carrier in order to eliminate outside investors such as stockholders. Any money remaining after NJ PURE pays for claims and expenses must be used solely to benefit the policyholders. This means that policyholders can share . in all unused premiums, providing them an incentive to keep claims lower. NJ PURE is now estimated to be the fourth largest medical malpractice insurance carrier in New Jersey and has had the . lowest rate increases of any medical malpractice insurance carrier in New Jersey since 2003 (one of 10% on 1/1/2004). In order to protect itself from catastrophic claims, NJ PURE purchases reinsurance through A.M. Best "A" rated carriers . from Lloyds of London for claim losses exceeding $250,000 up to the policy limits. NJ PURE offers both the occurrence-type . and claims-made policy form to new and renewing physicians and has recently received a "favorable" financial review from Standard Analytical Service, Inc. (SAS), which is an independent service that provides financial reviews of insurance carriers. NJ PURE offers significant discounts to groups of doctors who join NJ PURE together and as a direct writer is the only medical malpractice insurance carrier that does not employ the use of agents and brokers in order to save an average 10% in commission costs; therefore, the only way to obtain a rate indication is to contact NJ PURE directly. NJ PURE's underwriting guidelines do not allow excessive surcharges for physicians who have frivolous lawsuits filed against them. . NJ PURE has three rating tiers for each specialty and the NJ PURE underwriters review each physician individually in order for each physician to pay a reasonable rate for their medical malpractice insurance. NJ PURE has controlled growth by insuring only responsible doctors and is proactive in helping its physicians to prevent lawsuits. NJ PURE account representatives are available to provide rate indications via telephone or in-person meetings. The hours of operation are Monday through Thursday, 8:30 a.m. to 5:00 p.m. and Friday, 8:30 a.m. to 4:30 p.m. See NJ PURE's advertisement HERE |
