The Trust has developed Professional Liability coverage to protect you and your practice
from the financial impact of a malpractice lawsuit.
The Program is continually monitored by the Trustees to ensure that the coverage is broad
and meets the ever-changing practice environment. When you're protected by The Trust, you
have much more than an insurance policy. You are not just another number at an insurance
company. You have a comprehensive professional liability program, backed by a team of
practicing psychologists --- your representatives at The Trust.
Highlights of The Trust Sponsored Professional Liability Insurance Program
Individual Coverage - Through The Trust, you can choose either claims-made or occurrence
coverage. You also have your choice of annual liability limits - as much as $2,000,000 for
each incident with up to a $4,000,000 annual aggregate*.
There is no limit on the number of claims you can report each year as long as the total
dollar amount paid for damages isn't more than your selected annual aggregate liability
Coverage for Group Practices - If you practice in a group, each member of your group
will have his/her own personal aggregate liability limit. Your protection will not be
diminished as a result of claims paid against an associate. This versatile coverage can
be designed to meet the needs of a variety of practice situations.
Advocate 800 Risk Management Service - You may take advantage of The Trust's Advocate
800 Risk Management Service (1-800-477-1200) to consult - at no cost to you - with a
licensed psychologist/attorney. You may discuss methods to reduce your risk of liability
claims or how to handle a potentially litigious situation.
Pays Legal Fees & Court Costs - From the first day a claim is filed to the day it is
resolved, The Trust Sponsored Professional Liability Insurance Program pays your legal fees and
court costs. You'll also get up to $250 a day ($5,000 each incident) to replace earnings
lost if you are away from your practice to appear in court. The Trust Program even pays
reasonable expenses such as transportation and hotel stays if you are required to
appear in court. (Subject to the terms and conditions of the policy.)
Pays Defense Costs for Appearances before Regulatory Boards - The Trust Sponsored
Professional Liability Insurance Program pays up to $5,000 for legal defense costs when you
receive notice during your policy period of a proceeding before a state licensing
board. Plus, you also have the opportunity to increase the limits to $25,000 or $50,000
of defense coverage for a small additional premium.
Professional Boards - You're covered for professional services rendered as a psychologist
and member of a formal accreditation, ethics, peer review, licensing, standards review
or similar professional board or committee of a hospital, health facility, educational
institution, professional organization, Health Maintenance Organization or Health Plan.
Sexual Misconduct - The Trust Sponsored Professional Liability Insurance Program pays your defense
costs and other claim expenses if you are accused of sexual misconduct.
Advertising Injury - You are protected against accusations of libel, slander, defamation,
violation of right of privacy, piracy, false advertising, or unfair competition, or
copyright infringement which results from your advertising.
Personal Injury - The Trust Sponsored Professional Liability Insurance Program covers you for
personal injury claims arising from your practice. You are protected against allegations
of false arrest, detention, confinement, imprisonment or malicious prosecution; the
publication or utterance of libel, slander, or other defamatory or disparaging materials;
publication or utterance in violation of an individual's right of privacy; wrongful entry
or eviction; or other invasion of the right of private occupancy.
Premises Liability - Your Professional Liability insurance through The Trust covers you
for litigious situations which occur on your practice premises - even if your office
happens to be in your home.
Additional Claims-Made Coverage
Free Unlimited Extended Reporting Period Coverage - If you permanently retire from the practice of psychology, become disabled or die,
after you have been covered through The Trust Sponsored Professional Liability Claims-Made
Program you qualify for a free, unlimited Extended Reporting Period.
Often referred to as "tail coverage." The Extended Reporting Period protects you from
claims which arise from incidents that happened while your Trust Sponsored Professional
Liability Claims-Made policy was in force.
Prior Acts Coverage - You may also obtain prior acts coverage from The Trust Sponsored
Professional Liability Insurance Program. By purchasing prior acts coverage you will be protected
against claims arising from unknown incidents which happened while your other coverage
was in force but weren't reported until your Trust Sponsored Professional Liability
Claims-Made coverage was in effect.
The Trust monitors rates to make certain your premiums remain fair and competitive. In
addition, independent actuaries audit The Trust rates to verify that your rates are
reasonable and adequate to ensure the long term financial stability of the program.
With The Trust Sponsored Professional Liability Insurance Program, you pay for only the principals,
employees or independent contractors you have at the time you renew your coverage each year.
You pay nothing for clerical workers or any staff you may add during your coverage year.
(Any reorganizations of your practice during the year, like a change in ownership, do
require reporting and perhaps a revision to your coverage.)
Quarterly Payment Option - You can reduce the impact of your annual premium with The
Trust Sponsored Program's convenient, interest free, quarterly payments.
Premium Discounts - The Trust Sponsored Professional Liability Insurance Program also offers the
following premium discounts:
Group discounts for practices of 3 or more persons
Continuing education discount - You'll receive a 15% premium discount for two years for
attending The Trust Risk Management Workshop within the past 15 months, a 10% premium
discount for reading the Trust's book Assessing and Managing Risk in Psychological
Practice: An Individualized Approach and passing an online exam, or a 5%
premium discount for obtaining four hours of continuing education
credits from an organization approved by APA to offer CE credit (any of these within the past 15 months).
Groups qualify for the applicable credit when 50% of the owners and employees have submitted proof of completion.
If you deliver psychological services only on a part-time basis (20 hours or less a week),
you get a 35% rate discount.
The Trust Sponsored Professional Liability Insurance Program is continually reviewed by The Trust
Board of Trustees. The Trustees include psychologists experienced in both practice and
insurance needs as well as independent insurance experts.
Responding to your professional requirements is The Trust's top priority. The Trustees
continuously review the Professional Liability Program to ensure that you have broad-based
coverage at competitive rates.
The Trust also provides a Case Review process to seek a fair resolution if you are ever
denied coverage or payment of a claim.
Your Insurance Company and The Program Administrator
Your Trust Sponsored Professional Liability Insurance Program is Underwritten by ACE American Insurance Company, Philadelphia, PA. ACE USA is the U.S.-based retail operating division of the ACE Group headed by ACE Limited (NYSE:ACE) and rated A+ (Superior) by A.M. Best and AA- (Very Strong) by Standard & Poor's (ratings as of June 13, 2012). Administered by Trust Risk Management Services, Inc. Policy issuance is subject to underwriting. Trust Risk Management Services, Inc. is a wholly-owned subsidiary of the Trust.
Occurrence Policy - An occurrence policy covers you for any incidents that happen while you
are insured by the policy - regardless of when the claim may be filed.
Claims-Made Policy - A claims-made policy covers you for incidents that happen after coverage
becomes effective. The claim, however, must be reported while your policy is in force. Claims filed after your coverage ends may be covered by purchasing an Extended Reporting Period.
Retroactive Date - The retroactive date is the day you began continuous coverage under a
claims-made policy. In order to be covered under your claims-made policy, incidents must
happen after this date and prior to the termination of the policy.
Independent Contractor - Any person contracted by you who receives a 1099 Form for tax
purposes is an independent contractor. Your coverage in The Trust Sponsored Program protects
you against claims caused by the negligence of a contractor or subcontractor while working
on your behalf. This coverage, however, does not provide individual protection for the
Employee - Anyone you hire and give a W2 Form for tax purposes is considered an employee.
Employees are covered only for acts performed on your behalf as an employee of your practice
The description provided here is only a brief description of coverage. For a complete
description of all provisions that apply to this coverage, please refer to the Insurance
*Other limits of liability are available. Please call The Trust for more information (1-800-477-1200).