Clinical Trials Reciprocal Insurance Company, A Risk Retention Group (“CTRIC”) specializes in providing quality professional liability insurance on a claims made basis to clinical trial physicians. Their mission is to provide a sound program of professional liability insurance for themselves and their colleagues, now and into the future.
History
A group of clinical trial physicians who were unhappy with the lack of coverage they were being provided along with outrageous premiums decided to investigate the possibility of forming their own medical malpractice insurance company. The result was CTRIC, a risk retention group which was formed in September, 2005 and domiciled in Arizona. CTRIC chose the “Reciprocal” form of organization. In this form of insurance organization, insureds “subscribe” to become part of the reciprocal (also called an exchange) by contributing a onetime capital contribution equal to 10% of their policy premium. The capital is an investment in the entity.
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