The Cooperative of American Physicians (CAP) has partnered with specialty writer of professional liability insurance ProAssurance to provide a new liability protection product, CAPAssurance, to fulfill the needs of hospitals and other medical facilities in California.
CAP chief executive officer James Weidner said that the regional and community hospitals and other healthcare facilities operating in California are witnessing an increasing and expensive set of liabilities, requiring creative solutions.
Weidner pointed out that CAP, as a California-based physician organization with medical professional liability experience, understands that meeting these needs requires a partner with experience in writing hospitals and facilities.
"ProAssurance, an NYSE listed company with an 'A' rating and rock-solid balance sheet, meets all the qualifications we were looking for when we set out to establish this innovative partnership.
"The difference that CAPAssurance will bring to the hospital market is CAP's decades of understanding what individual physicians need to care for patients plus ProAssurance's ability to provide a broad range of risk-sharing options," Weidner added.
CAP MD, chair and president John Ingram said that as the nation's health care system aligns physicians and hospitals closely, each needs to anticipate how the other must respond to the options available in this new era of patient health.
"CAPAssurance will be able to speak the language of physicians and hospitals. We expect everyone to benefit from that joint experience," Ingram added.
Having patient safety as core value, CAPAssurance program offers the help of seasoned risk managers to work with hospital staff professionals to prevent claims from occurring.
Founded in 1975 by a group of California physicians, Cooperative of American Physicians manages the growing expense of medical professional liability coverage.
Based in Los Angeles, the company has also offices in San Diego, Orange County, Sacramento, and Palo Alto and delivers medical professional liability protection to physicians practicing in large groups through the Cooperative of American Physicians Insurance Company.
Operating as a specialty insurance company, ProAssurance specializes in medical professional liability, products liability for life sciences, and the medical technology industry and legal professional liability.
