History of Nevada Mutual

Nevada Mutual Insurance Company was formed on May 3, 2002, when the Nevada Division of Insurance granted Nevada Mutual a Certificate of Authority authorizing it to offer medical professional liability insurance to Nevada doctors. Nevada Mutual is the only doctor-owned insurer domiciled in Nevada and only insures Nevada doctors.

Nevada Mutual is licensed under the authority of, and requested by, the Nevada Division of Insurance. Subject to this regulatory oversight, Nevada Mutual is governed by its Board of Directors, the majority of whom are practicing Nevada doctors, and managed by professional insurance executives.

Nevada Mutual is a market for all specialties in all parts of the State. It offers a non-assessable claims-made policy with limits of $1,000,000 per claim/$3,000,000 annual aggregate. Pursuant to its underwriting criteria, Nevada Mutual offers prior acts (nose) and reporting form (tail) coverage.

The Company’s initial capital was provided through surplus notes contributed by local hospitals. Further contributions to surplus were collected from doctors, as they become insureds. In the Spring of 2007 Nevada Mutual paid back the surplus contributions of the hospitals. As a result, 100% of the net worth of Nevada Mutual is now owned by its policyholders.

Nevada Mutual is committed to providing a long-term, stable market to Nevada doctors. As a mutual insurer, it will return any excess profit it earns to Nevada doctor policyholders as dividends. Applications are being accepted now and can be obtained by contacting an appointed Nevada Mutual insurance agent.