The AVMA PLIT announced today that the annual premium rates for the PLIT-sponsored Professional Liability Insurance Program primary and excess malpractice limits will decrease 15% for classes I (equine) and II (food animal) and 5% for classes III (mixed practice) and IV (small animal) for the 2012 policy year, subject to state approval. The potential cost savings ranges up to $417 based on the veterinarian’s professional activity and primary limit. The primary limit decrease will be slightly larger in California, which will result in uniform rates nationwide. The annual premiums for veterinary license defense and professional extension (animal bailee) coverages will remain unchanged. And, a new higher limit option of $50,000 will be available for the veterinary license defense endorsement to cover legal fees to defend actions against a veterinary license.
Since 1962, the PLIT has worked with insurance carriers to provide malpractice protection to AVMA and student AVMA members at affordable, competitive rates. The strength of this program is attributable to the group buying power and claims experience of insured veterinarians in the PLIT-sponsored program as well as the diligence of the PLIT Trustees (who are all veterinarians), Advisors, Trust Representatives (who are veterinarians), Zurich (insurance carrier), and HUB International Midwest Limited (broker and administrator). Collectively, these groups work together to help veterinarians avoid claims and effectively manage claims when they occur. Another unique component of the PLIT program that lends to its success is the broad policy with features such as the consent to settle clause, the absence of a hammer clause, and coverage for court costs and defense attorney fees in addition to policy limits. Coverage subject to policy terms, limitations, and exclusions.
The AVMA PLIT offers a full line of insurance products for today’s veterinarian. PLIT-sponsored products and services are available to AVMA and Student AVMA members. The PLIT has been serving veterinarians since 1962 and its mission is to provide a valuable AVMA member service that protects the assets and reputations of the participants and enhances the image of the profession.
Source: AVMA PLIT press release, August 2, 2011