WHO IS DOCSECURE?
DocSecure is a unique malpractice insurance model, owned and operated by top physicians with the core belief of providing advantages over the traditional market in Corporate Structure, Service, Risk Management, and in our Product Line offerings.
WHAT IS DOCSECURE?
DocSecure is an insurance company initially organized as a “Special Purpose Captive” and ultimately as a Risk Retention Group (RRG). Unlike a standard insurance company, an RRG does not have to grant access to everyone. An RRG has the ability to offer admission by invitation to those physicians that meet a select criteria. As an RRG, each member/insured must be an owner/investor. RRGs are legally accepted in all 50 states in the US and are used extensively by numerous industries including manufacturing, retail, transportation, construction and in professional entities, especially hospitals, physicians and other medical practices.
HOW DOES DOCSECURE PROVIDE INSURANCE?
Initially, another insurance company, such as Oceanus Insurance Company, will act as a “Fronting Carrier” for DocSecure and will support DocSecure As the company grows, it will assume an increasing percentage of the risk until the Captive reaches a proper risk balance of assets to ultimate exposure and converts to a RRG.
ONCE THE RRG IS INDEPENDENT, WILL IT WRITE ITS OWN INSURANCE POLICY? OR WILL OCEANUS CONTINUE TO WRITE THE POLICY?
As the RRG grows in size and profitability, it could make sense in the future to move away from a “Front” Company, due to the extra expense it costs to maintain that structure, and more importantly, because the RRG has attained the financial assets, reinsurance structure, profitable results and time/length of operation to assure its members/investors and other outside entities of its ability to stand alone.
WILL THE RRG ALWAYS BE BACKED BY A RE-INSURANCE COMPANY?
Yes, the RRG will always maintain some level of reinsurance protection. This level may vary upon the future size and financial assets of DocSecure, as well as its history of profitability. Reinsurance protection for larger RRG’s and insurance companies is usually provided in the larger limits or “Excess” layers. This is done to prevent a few large or maximum type losses (over $500,000) to unduly affect the financial results and viability of the RRG. Most insures and reinsurers both maintain some level of reinsurance for themselves no matter what their financial size.