Do you have the right cover for what you do?
Doctors need to be sure that they are approaching the RIGHT brokers for their medical malpractice.
Yourinsurance Brokers SA(Pty) Ltd (YiB) have specifically designed our proposal forms to cover various aspects of business that can easily be overlooked by another broker who wouldn’t know to ask the question.
Did you know that there are 8 different categories of GP’s?
Here are some good examples why it is important to have the right broker giving you the correct advice :
A GP who does Ante-natal care and sonars to Full term, called in to say he received a cheaper quote – I did some research, only to find out that the other quote he received specifically EXCLUDED sonars and ante-natal care – he had no idea. What if a claim arose from his sonar work (e.g. an abnormality was not picked up on the scan) where often some of the highest claims settlements awarded are involving infants, there would have been no cover for the doctor. He would have saved R2500 a year . . . R210 per month . . . . BUT, at what risk?
We practice the FSB required regulations of KYC (Know Your Client) , over the previous years we have learned our client's business, made sure we understood it. The doctor runs a HIV clinic . . . . one of our insurers has an HIV exclusion on their policy (ie: any claim related to HIV would be excluded, this could include a patient being infected with the virus and claiming it was to do with the Dr’s negligence – can you begin to imagine the settlements that might be awarded should the patient prove his case, or even just the legal fees involved proving that our Doctor was NOT negligent?). We know NOT to insure this specific client there. Again, if placed with the wrong insurer, the highest risks in his business would have been EXCLUDED. Medical Malpractice is a SPECIALIST field of Insurance. Can your broker explain the difference between a claims-made and loss-occurrence basis of insurance. The risks of moving your insurance from a commercial policy (that you would get from a Broker) to the MPS, and the fact that you are risking being UNINSURED for the years you were previously covered by your commercial policy?
Have they explained that in NOT renewing your policy, you jeopardise the past cover you have held since the inception of your policy (original retro-active date)?
Do you know what your retro-active date is?
Did you know you need to report any written complaint or threat or intension to sue, and that you should NEVER respond to a complaint on your own, and NEVER admit liability? If you respond on your own, the Insurers may reserve their rights in terms of anything further arising from the incident . . .
You do have to complete a fresh proposal form EACH year at your renewal. It is an underwriting requirement, so don’t put it off until your cover expires! When you get the form from us 2 months in advance, complete it and get it back to us as soon as possible. It gives us the time to source the most appropriate cover for you.
And so it goes, the list of do’s and don’ts are endless, if you are using the wrong broker, you may have the wrong cover or perhaps just not the RIGHT advice?
Please Note: unfortunately we are unable to assist Orthopaedic Surgeons, Obstetricians and Gynaecologists, Neuro-Surgeons and Plastic Surgeons
What does Medical Malpractice Insurance Cover?