Overview
What is Providers Insurance Corporation?
Providers Insurance Corporation, headquartered in Honolulu, Hawaii, functions as a captive insurance company. They specialize in providing comprehensive insurance coverage for healthcare professionals and institutions. This includes healthcare professional liability, general liability, and institutional review board coverage, among others. Their offerings encompass blanket special events, employee benefit administration, punitive damages, and exemplary or multiplied damages, as well as sexual misconduct and medical expenses. By partnering directly with Hawai'i Pacific Health and its affiliates, they ensure the delivery of occurrence-based general liability coverage and claims-made healthcare professional liability protection.
Official website here: www.hawaiipacifichealth.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 70%, earning it a Two-Star out of Four Star rating.
Providers Insurance Corporation has received a 70% rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization scores well in areas such as financial statements and oversight, having a complete audit and oversight committee. Moreover, it has demonstrated good governance practices with policies on conflict of interest and whistleblower protections in place.
However, there are notable weaknesses in their governance structure, particularly the lack of independent board members, which scored zero out of eight points. Additionally, the organization's liabilities to assets ratio is concerning, receiving no points, suggesting potential financial stability issues. While the program expense ratio is strong, indicating effective allocation of resources, the overall governance and financial transparency aspects raise questions that potential donors may want to consider.
This AI summary has been generated from information found on Charity Navigator.
Is Providers Insurance Corporation legitimate?
Providers Insurance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Providers Insurance Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.hawaiipacifichealth.org
What is the mission statement of Providers Insurance Corporation?
Providers Insurance Corporation functions as a captive insurance company, offering general liability coverage and healthcare professional liability on a claims-made basis to Hawaii Pacific Health and its affiliates. The scope of their coverage includes healthcare professional liability for various situations, such as Blanket Special Events, Druggest Professional Liability, Managed Care Liability, Institutional Review Board Coverage, and Punitive Damages. Additionally, they provide General Liability coverage for different areas, including Blanket Special Events, Employee Benefit Administration Liability, Employer's Liability Excess, Excess Automobile Liability, Health Care Benefit Administration, Institutional Review Board Coverage, and various damages like Punitive Damages and Exemplary and/or Multiplied Damages. The insurance premiums charged by Providers Insurance Corporation are based on actuarial assumptions of expected losses.
Official website here: www.hawaiipacifichealth.org
Who is the CEO of Providers Insurance Corporation?
Unavailable
Official website here: www.hawaiipacifichealth.org
What is the revenue of Providers Insurance Corporation?
Providers Insurance Corporation's revenue in 2022 was $20,542,985.
Official website here: www.hawaiipacifichealth.org
Who are the executives of Providers Insurance Corporation and what are their salaries?
There 1 volunteer at Providers Insurance Corporation.
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $959,131
- Other: $268,655
- Compensation: $0
- Related: $953,161
- Other: $392,126
- Compensation: $0
- Related: $303,402
- Other: $34,195
- Compensation: $0
- Related: $184,878
- Other: $27,755
- Compensation: $0
- Related: $788,781
- Other: $260,505
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $2,290,034
- Other: $2,498,142
- Compensation: $0
- Related: $278,287
- Other: $78,811
- Compensation: $0
- Related: $168,040
- Other: $40,849
- Compensation: $0
- Related: $116,423
- Other: $32,868
- Compensation: $0
- Related: $90,128
- Other: $21,604
Official website here: www.hawaiipacifichealth.org
Where can I find the form 990 for Providers Insurance Corporation?
Providers Insurance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hawaiipacifichealth.org
Learn more at the official website: www.hawaiipacifichealth.org
Mission Statement of Providers Insurance Corporation
Providers Insurance Corporation, a captive insurance company, is dedicated to providing comprehensive insurance coverage to Hawai'i Pacific Health and its affiliates. In essence, it serves as an in-house insurance provider, offering both general liability occurrence-based coverage and healthcare professional liability claims-made coverage.
The scope of Providers Insurance Corporation's services encompasses various areas of insurance. For healthcare-related risks, it covers medical malpractice, special events, drug liability, managed care, Institutional Review Board (IRB) protection, as well as damages such as punitive, exemplary, and/or multiplied damages. In the realm of general liability, the corporation provides coverage for special events, employee benefit administration, employer's liability excess, automobile liability, healthcare benefit administration, IRB protection, and damages including punitive and exemplary damages. The revenues for the insurance premiums are calculated based on anticipated losses determined by actuarial assumptions.
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Impact
October, 2024
Providers Insurance Corporation plays a crucial role in mitigating risk for healthcare organizations in Hawaii. By offering specialized insurance coverage such as healthcare professional liability, general liability, and additional protections for various liabilities, the corporation enhances the safety and stability of healthcare services. Its focus on comprehensive coverage, including unique areas like managed care liability and institutional review board coverage, addresses the intricate needs of healthcare providers.
The corporation's revenues, derived from insurance premiums based on expected losses, indicate a commitment to sound actuarial practices, which helps ensure the financial sustainability of healthcare operations. By providing tailored coverage to Hawaii Pacific Health and its affiliates, Providers Insurance Corporation not only protects these organizations from potential financial setbacks but also supports the broader healthcare ecosystem in Hawaii. This stability allows healthcare providers to focus on delivering quality care to patients, knowing they have the necessary protections in place.
This information is meant to be a general summary of Providers Insurance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$404,409
- Program Service Revenue: $20,924,249
- Gross Receipts: $31,637,550
Assets and Liabilities:
- Total Assets: $86,073,218
- Total Liabilities: $72,758,304
- Net Assets: $13,314,914
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PREMIUM REVENUE
Revenue
$20,924,249
Organization Details
Founding Year
2002
Phone
(808) 535-7213Main Address
55 MERCHANT STREET 24TH FLOOR, HONOLULU, HI, 96813
Website
www.hawaiipacifichealth.orgNTEE Category
Code: E112 - Health
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