The Opportunity! :
The Opportunity! Number of years practicing medicine you were not sued?
Multiply that number by your medical-liability insurance premium?
Put HALF of that in the bank!
That’s the opportunity we’ll be exploring.
History of Shoreline :
History of Shoreline Shoreline was created for Physicians who were setting up offshore “captives” or accounts to protect their assets and accumulate wealth.
Shoreline is an assemblage of existing laws that are not utilized by insurer’s because they only benefit the Physicians and not the Insurance Companies.
Shoreline is a Risk Retention Group. An RRG is an owner controlled insurance companies authorized by the Federal Liability Risk Retention Act of 1986 as amended in 1987. An RRG will allow members who engage in similar or related business or activities to write liability insurance for all or any portion of the exposures of group members.
Shoreline is a federally-chartered insurance vehicle; domiciled and governed by the Nevada Department of Insurance.
How it Works :
How it Works How it works now!
Medical Practice purchases insurance from their agent.
Agent places insurance with the carrier.
YEAR PREMIUMS RETAINED PREMIUMS
1 $150,000 $0
2 $150,000 $0
3 $150,000 $0
4 $150,000 $0
5 $150,000 $0
6 $150,000 $0
7 $150,000 $0
In the event of a claim, physician contacts agent. How it works with Shoreline!
Medical Practice purchases insurance from their agent.
Agent places insurance with the carrier.
YEAR PREMIUMS RETAINED PREMIUMS
1 $150,000 $75,000
2 $150,000 $150,000
3 $150,000 $225,000
4 $150,000 $300,000
5 $150,000 $375,000
6 $150,000 $450,000
7 $150,000 $525,000
In the event of a claim, physician contacts agent.
Premiums are retained for good loss results. Shoreline allows the medical professional to retain up to 50% of their premium in exchange for assuming 25% of the risk in an asset protected vehicle with no liability for others in their group and with reinsurance from A- (Excellent) Rated Imagine re.
How does Shoreline Differ :
How does Shoreline Differ Retain up to 50% of your premium for good loss results.
Funds are retained in the Doctors account with JP Morgan Chase or Bank of Butterfield in Bermuda.
Ability to self-direct funds.
No cross liability between members. The loss results of one physician does not affect other members of the practice or group.
Two years of tail included in the rate. Additional tail available.
Re-Insured with A-(Excellent) Rated Imagine Re.
Ability to participate in any settlement.
Ability to choose your legal counsel if qualified in the respective field.
Finance your premium over 10 months.
Big Questions :
Big Questions What if Shoreline goes out of business?
Shoreline is owned by it’s Doctor Members. If the physicians decide to close Shoreline down, all of the physicians funds reside in their own account.
What is the risk to my money?
The risk to the medical professionals capital is contingent solely on the individual doctor’s losses. All accounts are owned by the physicians. Monthly statements will come from JP Morgan Chase or the Bank of Butterfield in Bermuda.
Is legal included in the policy limits?
In almost all states, legal is handled within the limits of the policy. The medical professional can also have the opportunity to participate in choosing their own qualified legal counsel. (In Florida physicians are responsible for 25% of the legal outside of the policy limits, limited to their “deductible”.)
Is Shoreline for me?
If your loss ratio is less than 50% of your premium for your group for the past 5 years and you have a desire to re-capture part of your premium dollars safely in an asset protected vehicle earning interest, than yes.
Biggest Questions :
Biggest Questions What about Tail?
All of our policies include 2 years of tail coverage. Additional tail is available for purchase. Physician’s may also use funds in their captive to purchase additional tail where required.
Most Physician’s tail themselves off and do not require additional tail. Even though their policy type may change from an active surgeon to assisting to consultant, etc., as long as their policy is active, they are, in effect tailing themselves off without purchasing any additional tail.
What is required for me to sign up?
Contact your local Shoreline Agent.