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Private medical indemnity insurance policies are written on a ‘Claims Made’ basis, which means that you are insured during the policy period. For example, if your Medical Indemnity policy incepted and commenced on 1st January for 12 months, it would expire 31st December. You would only be covered for this period on a Claims Made basis.
This means is that you need to have cover in place, not only during the policy period and when procedures and treatments are carried out, but also when a claim is reported - which could be many years in the future.
Many healthcare professions maintain indemnity protection throughout their careers, with no gaps in cover. So whilst this is not normally an issue, it is important to arrange an Extended Reporting Period, often known as “Run-Off” cover, against any future allegations which may arise when you choose to retire or cease to practice.
Healthcare professionals receive loss notifications years into future, often unexpectedly from patients seeking compensation, which they have 3 years in the UK to bring amount any potential claims from the original Claim Notification, with some losses over 5 years are not uncommon. Irrespective of the merits of the claim, the claim must be defended by insurers – which can often be very costly in compiling evidence and assessing medical records.
If you are interested in seeking Run Off cover – please contact our in-house Medical Director, Dr Edwin Rajadurai who will be able to offer you guidance and coverage, bespoke to your requirements.