Medical indemnity insurance, or medical malpractice as it is sometimes referred, provides cover against claims for breach of your professional duties as a doctor or surgeon.
Typically, these are acts of professional negligence, breach of duty of care or omissions. Reported claims can include injury, physical or mental harm, or misdiagnosis to a patient. Often, potential incidents are simply accusations which can be defended rigorously to protect your reputation and good standing.
Medical malpractice and indemnity cover is written on a “claims made” basis, this means is that you need to have cover in place, not only when the procedure or treatment is carried out, but also when a claim is reported. Whilst you maintain indemnity protection during your career this is not normally an issue, however, should you retire or cease to practice, it is important to arrange an extended reporting period, often known as “run-off” cover, against any future allegations which may arise.
Surgeons and doctors can often receive potential losses years into future. Incidents are not deemed “statute barred” for 3-years after the point of diagnosis, but this can still relate back to previous treatment or a missed diagnosis – newly reported losses in excess of 5 years’ post retirement are not uncommon.
Your dedicated advisor will work with you to ensure your specific extended reporting period or run-off cover is adequate for your needs.