1. Your Limits of Liability: Should You Consider an Increase?
2. ISMIE Premium Financing is Significantly Lower in 2008!
3. Medical License Renewal Deadline is July 31, 2008
4. They’re At It Again…The Trial Lawyers are Suing for More Money

Your Limits of Liability: Should You Consider an Increase?

The new policy year begins July 1, 2008. As you consider your own policy’s renewal, you might want to evaluate the limits of your liability. Ask yourself the following questions: What are the risks of my specialty? Is my practice in a high-risk territory? What is the age distribution of my patients? What are my hospital insurance requirements? These and other factors will help determine the appropriate limits for your medical liability policy.

ISMIE offers several options for professional liability policy coverage limits:

• $500,000 each person/$1.5 million aggregate
• $1 million each person/$3 million aggregate
• $2 million each person/$4 million aggregate

It is important that you have the appropriate policy limits for your particular practice and liability risk. The $2 millinon/$4 million policy is offered to individuals and corporations at an average cost increase of 36% over the $1 million/$3 million policy. Depending on your practice and risk needs, the higher limits may afford you the extra security you need for your medical practice.

ISMIE is here to assist you. For more information on your limits of liability, contact the Underwriting Division at uwtg@ismie.com or call 800-782-4767.

ISMIE Premium Financing is Significantly Lower in 2008! 

If your ISMIE Mutual policy renews on July 1st, your statement is on its way to you. As part of our policyholder service, ISMIE is again offering a premium financing program, at a substantially reduced rate. Recent reductions in the national prime rate benefit ISMIE policyholders who choose to utilize premium financing and spread their premium payments over the entire policy year. Through First Insurance Funding Corporation ISMIE is offering you a financing rate of 3.75% -- a 45% reduction off the rate from last year!

If you choose to finance your premium, be sure to lock in your 3.75% rate today, as the rate is guaranteed for policy renewals beginning June 1, 2008 through August 1, 2008. If you opt to finance your policy, you will receive new agreements to sign after the 2008-2009 renewal invoices are produced.

To learn more about premium financing, contact the Underwriting Division at uwtg@ismie.com, or call 800-782-4767.

Medical License Renewal Deadline is July 31, 2008 

By now you should have received your yellow medical license renewal postcard from the Illinois Department of Financial and Professional Regulation (IDFPR). If you haven’t received this information it may be because you have not yet completed your on-line physician profile. You must have your physician profile completed before you can renew your medical license. To correct this problem visit www.idfpr.com TODAY!

The IDFPR is also mailing paper renewal forms to all physicians who have not completed their license renewals on-line. Complete the form and return it to the IDPFR with your payment. Again, physicians who have not completed their on-line profiles will not receive the paper renewal form.

Your medical license renewal is due July 31, 2008. If you prefer to renew your medical license on-line, go to the IDFPR web site and enter the PIN provided on the yellow postcard. Also, make sure that you renew your controlled substance license(s) by checking the “view subordinate license” link on the IDFPR license renewal page. This link will provide you with your controlled substance number and special PIN to renew. 

ISMIE Mutual has established a helpline to assist policyholders in renewing their medical license and controlled substance license(s). You will talk to a “live” person on the phone and you can avoid the IDFPR “convenience charge.” You can call the ISMIE helpline, Monday through Friday from 8:30 am-4:45 pm, toll free at 1-800-632-7478.

They’re At It Again…The Trial Lawyers are Suing for More Money

They're At It Again...

Imagine…50,000 trial lawyers filing contingency-fee lawsuits and a member of Congress supporting these trial lawyers by promoting a special tax cut for them. A farfetched scenario, right? Well, not if you are a trial lawyer and the member of Congress is House Ways and Means Chairman, Charlie Rangel.

Rangel has nestled his gift to the trial bar inside The Energy and Tax Extenders Act of 2008, a catch-all bill of tax increases and special-interest tax cuts. Additionally, Rangel is trying to pass this bill without any hearings or debate.

The bill has passed the House and is on its way to the Senate. For more information on The Energy and Tax Extenders Act of 2008, visit the Illinois Civil Justice League web site.

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