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Home > Property Insurance Coverage > Home Owners Insurance > State Volunteer Mutual Insurance Company
State Volunteer Mutual Insurance Company
State Volunteer Mutual Insurance Company SVMIC was one of the first organizations formed by physicians to insure their medical liability risk. During the mid 1970s, most commercial insurance companies across the country ceased covering physicians as claims and judgments began to rise. Thus the company chose a mutual company structure because its policyholders called members would exclusively own it. Members would elect a board of directors, the majority of whom would be physicians.
In May 1976, the fledgling SVMIC wrote its first policy. By the end of 1977, the company insured 3,840 Tennessee physicians. Since most Tennessee physicians in private practice were already insured by SVMIC, the board began to look outside the borders of the state. In 1989, SVMIC began insuring physicians in Arkansas. Virginia was added in 1991.
Today, the company is still a mutual company owned 100% by its policyholders, and is still governed by a board of 18 persons, majority of whom are physicians. SVMIC is honored to insure over 16,000 physicians in Tennessee, Arkansas, Virginia, Kentucky, Georgia, Alabama and Mississippi. Just over 10,000 are in the company’s home state of Tennessee. It is one of the largest and most successful insurance ventures of its kind, as is attested to by its A rating from the independent rating agency. The company’s headquarters are in Brentwood, a Nashville suburb, where 130 professionals in finance, accounting, underwriting, law, risk management and policy service are dedicated to one single task serving the physicians insured by SVMIC.
The mission of SVMIC is to be the premier professional liability insurance company for physicians; to enhance the value of their relationship with physicians by seeking to prevent and solve other problems for physicians, and to increase the equity of the company’s owners over time. They recognize that the active participation of SVMIC insured physicians in providing governance and guidance to management is essential.
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