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 We've got you covered. Like no one else. Oceanus Insurance exists for one reason: to craft flexible, custom-designed coverage for virtually all manner of physician specialties and disciplines. We take great care to focus on your individual practice and how we can construct the best possible liability package for it. We offer liability limits up to $3 million per occurrence and up to $7 million annual aggregate. Subject to underwriting approval, Oceanus also offers claims-made coverage with the opportunity to purchase full prior acts coverage (which makes the purchase of tail coverage unnecessary). For member-physicians who have turned 55 years of age, have been a member of Oceanus in good standing for five years or more, and are looking to retire, we offer tail coverage at no additional cost. For member-physicians who have been with Oceanus for less that 5 years, this benefit is priced based upon a vesting schedule of 20% per year (year 1 = 20%, year 2 = 40%, year 3 = 60%, etc.) Coverage enhancements include: Full prior acts coverage When switching to Oceanus from your current carrier, there is no need to purchase an extended reporting endorsement (known as a tail). Subject to underwriting approval, full prior acts coverage will be extended to any pre-existing entities which the applicant may have been legally a part of, should that pre-existing entity ever be involved in a lawsuit. Consent to settle claims All named insureds must approve any settlement agreements negotiated on their behalf. Oceanus must obtain the insured's written consent to settle any and all claims on their behalf. There is no "hammer clause" to compel settlement within any policy. Contractual liability coverage Most medical malpractice insurance policies have contractual liability exclusions. This affects claims which may arise naming not only the physician or physician group but the contractual obligations a physician group has with a managed care organization. Oceanus' coverage will now extend to those managed care entities you are obligated to cover via your managed care contracts if they are brought into a medical malpractice case. Consent to counsel Oceanus will allow the insured a choice of expert legal counsel (subject to approval). We will develop a panel of local and highly qualified legal firms for our member-physicians to choose from. We will also entertain requests for other legal representation. Separate counsel provision Oceanus will allow a Separate Counsel Provision within your policy. This means that should it be strategically appropriate, we will pay for separate representation for both the physician and the group's entity, should they request it. Administrative review coverage Oceanus will pay for any practice related hearing demand involving a State Medical Board review, for incidents with legal representation expenses up to $25,000. This amount is almost always considerably more than it would ever cost for an attorney to represent you in any State Medical review. Part-time physicians Physicians who work less than 20 hours per week will have their premiums modified to half of the appropriate annual premium of a full-time physician. Most carriers do not offer this large a credit.  Oceanus Insurance is registered in the following states:
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