Berxi, a Boston-based insurance company, has opted to leave the CRNA market and will no longer be providing malpractice insurance coverage for nurse anesthesia professionals.
If you currently have coverage with Berxi, you need to understand what this means for you.
I’m Insured by Berxi. What do I need to know?
If you currently have malpractice coverage with Berxi, be on the lookout for a non-renewal notice (typically sent 60-90 days prior to your policy renewal date) informing you that you will need to find replacement coverage at the end of your current policy period.
AANA Insurance Services is here to help you understand your options. We can provide replacement coverage and prior acts coverage for policies written on a claims-made basis. Please give us a call at (800) 343-1368 or email us at email@example.com to learn more.
How does coverage differ between MedPro and Berxi?
It is worth noting that both MedPro and Berxi are part of Berkshire Hathaway, the group of companies owned by Warren Buffett. These are two of the many insurance companies that are part of Mr. Buffett’s Berkshire Hathaway group. There were very specific reasons why AANA Insurance Services chose to do business with MedPro rather than any of the other insurance companies in the Berkshire Hathaway group.
While MedPro and Berxi are part of the same company, they price CRNA exposure and settle claims differently. With the MedPro policy, you and only you have the final say in how your claim is settled. If you wanted to fight a claim all the way to the Supreme Court, MedPro would have no option but to do so, no matter what it cost.
The same is not true of Berxi. They can decide to settle a claim once legal expenses exceed a certain amount. Even if it’s clear that your care neither caused nor contributed to a patient’s adverse outcome, Berxi can compel you to settle that claim because it’s cheaper than defending you. And as you are aware, anytime a claim is paid out against you, that claim must be reported to the National Practitioner Data Bank (NPDB) and your state’s board of nursing.
The coverage provided by CRNA malpractice insurance companies varies dramatically – and not all policies are created equal. If cost is the only factor to be considered, then you must understand that you may end up with an insurance company that is only interested in settling claims as cheaply as possible rather than looking out for your best interests.
The dangers of paying too little for Insurance
Did you know you can actually pay too little for malpractice insurance? To stay in business, pay the claims of its policyholders, and cover its expenses, an insurance company must charge an adequate premium. If it doesn’t, it won’t survive.
Anesthesia-related claims can be very large. You expect that your insurance company will be around to defend you and pay any settlements or judgments that you incur. For this reason, you want an insurance company that charges premiums that are adequate to cover its claim payments and expenses now and into the future. Because of this, price should never be the most important factor when buying a malpractice policy.
We partner with an insurance company that looks out for our members, their interests, and their reputations, and is a viable option for CRNAs now and into the future.