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.
