A medical malpractice insurance company founded by former New Jersey Insurance Commissioner James Sheeran has the green light to begin writing policies for doctors on Jan. 1 under a new company called New Jersey Physicians United Reciprocal Exchange. The not-for-profit company, a so-called reciprocal exchange, gives a group with similar insurance needs an opportunity to pool their money and share the risk. The exchange has membership requirements, which keep losses down, and policyholders are protected from being held liable for anything beyond their own premium, officials said. Sheeran and his partner, Lean Chang, also founded NJ CURE for auto insurance in 1990, underwriting policies for 38,000 vehicles. -- by Cinda Becker
N.J. company to begin writing policies Jan. 1
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