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The first Academic Group company was founded in 1990 in New York State to provide professional liability insurance to physicians, dentists, and other allied professionals across a broad spectrum of clinical practice. At that time, the company services were offered exclusively to teaching physicians affiliated with academic institutions based in the state, primarily medical and dental faculty of the State University of New York (SUNY) system (the University of Buffalo, including the dental school; Stony Brook, also including the dental school; Upstate; and Downstate).
Academic continued to expand on its initial subscriber base, and now has faculty and allied health subscribers enrolled, including full-time faculty physicians, dentists, nurses, and other health professionals as well as qualified voluntary faculty and select residents at ambulatory care sites.
In addition to SUNY, members include faculty affiliated with the Weill Cornell Medical School at Qatar. Academic also insures voluntary faculty with a significant and demonstrated nexus to clinical education, fellows, and various faculty and residents at other qualified medical schools across New York State.
Building on its history of success in New York, a new and independent Risk Retention Group Company licensed in the state of Vermont has been established. This new company, approved in April 2007, creates the ability to offer professional liability insurance to academic professionals and other preferred underwriting risks nationwide.
THREE COMPANIES. ONE MISSION.
The Academic Group consists of two independent insurance companies offering members a comprehensive set of insurance products and services: Academic Health, which operates as an admitted carrier in the New York market and Academic Medical Professional Insurance Risk Retention Group, domiciled in Vermont to offer insurance coverage regionally and nationally. Academic Solutions provides professional liability underwriting, financial, claims, and educational services as well as insurance management and consulting services to captives and physician groups. These three companies are bound by commitment to support medical professionals. As “reciprocal” insurance associations (a structure similar to that of a mutual company), the member insurance companies operate independently and each is owned and capitalized by its subscribers, who in effect, insure each other.
Academic Health
Established in 1990 in New York State as an admitted carrier, Academic Health provides professional liability insurance to doctors, dentists, and allied professionals at medical schools and teaching hospitals across New York State.
Academic Medical
Academic Medical is a Risk Retention Group Company domiciled in Vermont, and is able to provide professional liability insurance to doctors, dentists, allied professionals as well as visiting foreign physicians in teaching environments and private physician groups nationwide.
Academic Medical may not be subject to all states' insurance laws and regulations. Insureds are not protected by state insurance insolvency guaranty funds.
Academic Solutions
Academic Solutions provides professional liability insurance services to both Academic Health and Academic Medical. The company was established initially to meet the needs of Academic Health's members.
Services provided by the company include claims management, assignment and supervision of legal defense, underwriting, enrollment, record keeping, financial accounting, risk management education and information services.
In addition to providing insurance services to the Academic Group of companies, Academic Solutions also offers consulting and professional liability insurance management services to other captives, insurance companies and faculty physicians groups.