A malpractice claim could occur at any time. Knowing that you are protected under your insurance policy helps reduce the stress of any law suit. Find out the difference between a claims-made and claims-occurrence policy.
The difference between Claims Made and Claim Occurrence
When choosing your medical or dental indemnity insurance, its crucial to understand what is included. Lower premiums might seem desirable, but is it really the right policy for you? Are you protected to the level that you want to be?
Claims made – Often insurers will offer this type of cover and it does present the lowest premiums. You will be covered for any incidents that take place during the period that your policy is active, as long as the claim occurs during this same timeframe. In other words, you are only protected for the period of time that the policy is active.
However, what happens if a claim is made against you after your policy end date?
Claims occurrence – This type of policy covers you for any claim for an incident that occurs during the period that your insurance policy was active. This mean that even if the claim occurs several years after the policy has ended, you are still covered – even during long-term sickness, a career break or following retirement.
The extra peace of mind that you will have support no matter where you are in your career is valued by dental and medical practitioners.
“All Med Pro have simply raised professional indemnity to an enviable standard. Will recommend them to all of my Medical/Dental colleagues” Sonny, Feefo Review
All Med Pro provides claims occurrence indemnity insurance cover.
What should you do if you have claims made insurance?
If your policy only protects you on a claims made basis, you are not without hope. You should speak to your insurer and ask them what you can do. In most instances, they, or another provider, will be able to offer you run-off cover.
Run-off cover simply provides protection for retrospective claims made after your policy expires.
In this scenario, it is likely that your premium will be similar to an indemnity policy in the first year, as it is more likely that a claim will arise in this time. It is possible that your premium will reduce over the years as the likelihood of a claim will reduce.
Is CBSGP enough protection?
The state-backed Clinical Negligence Scheme for General Practice (CNSGP) was introduced in April this year. The NHS indemnity scheme provides some relief to doctors who will receive some extra support at no extra cost. It includes cover for things like:
- General Medical Council (GMC) proceedings
- Professional regulation
- Court proceedings
- Disciplinary proceedings
- Private work
However, for any GPs who are relying on the NHS scheme should be aware that it is unlikely to provide any run-off cover for any claim made for past negligence incidents.
If you have chosen to take part in the NHS indemnity scheme and have either purchased a discounted indemnity policy, or chosen not to purchase one at all, it is advisable to choose a good run-off insurance cover to cover any retrospective claims from 1st April 2019.
If you are unsure about what indemnity protection you need, speak to us
Put simply, the best option available to you is protecting your past and your future. Whichever route you take, making sure that you are fully covered for any past claims that arise will give you peace of mind throughout your career. Talk to the All Med Pro team to make sure there are no gaps in your medical or dental indemnity cover.