The Doctors Company is the nation’s largest physician-owned medical malpractice insurer, insuring 84,000 doctors nationwide. The Doctors Company offers comprehensive risk solutions for practices of all sizes—from medical and dental solo practitioners to the largest multispecialty, multistate groups, healthcare systems, and hospitals.
The Tribute Plan
In 2007, The Doctors Company created what it calls the “Tribute Plan,” which “reward members for their loyalty to The Doctors Company and for their commitment to superior patient care.” The Tribute Plan has “paid more than $120 million in Tribute awards, and the highest award paid to date is $264,808.”
On June 14, 2022, The Doctors Company announced “that it has paid over $140 million in Tribute Plan awards over the past 15 years to its members. Tribute was the first national plan to recognize retiring doctors for their loyalty and commitment to superior patient care, and it is the largest such benefit in the industry. Over the last 15 years, more than 11,500 Tribute awards have been paid … The Doctors Company’s financial strength, with over $6.5 billion in assets and $2.5 billion in member surplus, empowers the company to offer these rewards without compromising its ability to protect its members’ livelihoods or pay claims. The millions of dollars that are in Tribute accounts today come from the capital of the company, not from premiums, and Tribute payments do not affect The Doctors Company’s ongoing dividend program.”
The Doctors Company states on its website: “The Board of Governors directs surplus towards the Tribute Plan loyalty program to reward members for advancing and protecting the practice of good medicine throughout their careers. Each eligible member will accumulate an individual balance representing his or her share of the loyalty pool. You may become eligible to receive your accumulated loyalty pool award balance when you permanently retire at age 55 or older with five or more years of continuous coverage with The Doctors Company on your retirement date. You may also become eligible to receive your award balance if you die or become permanently disabled while insured by The Doctors Company … You are eligible to participate in the Tribute Plan if you are a full-time or part-time named insured on a professional liability insurance policy with The Doctors Company in force on or after January 1, 2007 … At policy inception, members receive an initial amount of loyalty pool funding based on a percentage of premium for that policy year as approved by The Doctors Company board. Award balances grow through additional years’ funding declarations authorized by The Doctors Company board … Tribute award balances are paid in a single, lump-sum payment upon completion of distribution requirements … If you were insured by a company acquired by The Doctors Company, your years of continuous coverage may count toward this requirement.”
If you or a loved one may have been injured as a result of medical negligence in the United States, you should promptly find a medical malpractice lawyer in your state who may investigate your medical malpractice claim for you and represent you or your loved one in a medical malpractice case, if appropriate.
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