Many areas of insurance are complex and some implications may not be evident to you. Recently one of our existing doctor clients was offered a discounted premium for his Medical Indemnity. Fortunately, he referred the offer to us and we identified that the Retroactive Date was incorrect leaving the Doctor exposed to possible uninsured claims. Errors of this nature are not uncommon in all sorts of risks that you may take for granted. Risk carriers “insurers” are not generally in the business of providing advice. They provide the product and leave the understanding of it to you! Discounted product, usually equals discounted cover.
By way of further example of things to look out for are; Are you aware of the differences between ‘claims made’ and ‘claims incurred’ policies? This is a well-known trap for the PRICE vs. ADVICE buyer. Intercharge has over 80 cumulative years of Risk advice behind it & there are multiple if not hundreds of traps for the inexperienced, the examples to date are just the tip of the iceberg.
Being aware of changes to legislation as well as what risk carriers have aversions to, is our prime hunting ground.
Are you aware that the Privacy Commissioner has specifically mentioned the Medical Profession in his latest changes, due to the sensitive nature of patient information they hold, fines for individuals in excess of $300k and above $1 million for corporations. Cyber Crime is outstripping all other forms of theft and ransom, Medical facilities around the globe have experienced the impact of these disastrous cyber-attacks. Don’t let this happen to you, come and talk to us and we will have you covered.
Intercharge has represented Doctors for over thirty years in the Insurance market. We assist with your personal “medical indemnity”, your business malpractice and all other business related insurance risks for our Doctor clients.
Why use a Risk Advisor
Over the last 30+ years we have continuously proven to our clients the value we bring as their specialist insurance broker and risk advisor. Many Doctors have benefited from our services which include:
- A qualified representative to help you understand and navigate pitfalls such as coverage limitations, duty of disclosure, retroactive cover, breaks in practicing medicine, contractual arrangements between Doctors and what it means to you.
- Claims – experienced claims handlers to back you up when you need it most.
- Access to multiple insurers and policy comparisons.
- A qualified representative to help facilitate group covers and discounts
- A qualified representative to call upon whenever you need help, someone that works for you.
Medical Indemnity Insurers
There are now 5 different Medical Indemnity providers
- MDA National
Allow us to find you the right cover and best price within the market.
Q: Can I change Insurers?
A: Yes of course. We make sure any offers would only improve the cover and/or price and explain what the differences are.
Q: 90% of Doctors stay with the same insurance provider. Surely there must be a reason for this?
A: Insurers typically provide cover to Doctors from their days of studying and it becomes just another annual cost. Because there are no comparison sites, and the cover is technically complicated there are no easy ways to review the market covers. This is where we come in to do the hard work for you and take the stress away.
Q: What do you need from me to present another Medical Indemnity offer?
A: In order to obtain a no obligation premium indication we simply need to collect the following:
- Practicing start date
- Practicing category
- Annual billing amount
Should you wish to proceed with a formal quotation we can assist you to complete the application and get the quote verified.
Request a Medical Indemnity quote
Alternatively if you wish to speak to us you will find our contact details on the “Contact Us” page and one of our expert risk advisors will gladly assist you.