Policies for physicians and individual practitioners allow medics the indemnity to work safely within the private sector following their specialty in medicine throughout Canada.
Policies can be structured to cover various exposures in numerous medical settings, so it is essential to build a risk presentation appropriately, covering all potential exposures.
The information we provide will not only guide you with the vital presentation requirements, but we’ll also highlight some critical areas that you should discuss with your client.
Information you need to request from the Insured:
- Completed General Proposal form and addendum proposal form (according to the Insured’s medical specialty).
- Letter of Good Standing or Claims summary from their previous indemnifier (if any).
- Signed and dated No Claims Disclosure.
- No anticipated patient interactions (per month).
- A clear description of the services being offered.
- What you need to discuss with your client:
- The difference between ‘Claims Made Cover’ and ‘Occurrence Cover’ would typically receive from medical defense organizations.
- The difference between Discretionary and Contractual Indemnity.
- Run-Off cover (or extended reporting period) and how they relate to death, disablement, retirement, and stopping a policy abruptly outside of the scenarios above.
- Claims circumstances – what happened, why, and how could it be prevented in the future?
- Limits of indemnity (AOC and AGG) – what’s appropriate for the insured.
- Policy Excesses
- Extensions of cover – what else they may need to be protected against.
- Cancelations and how they affect claims made policies.
- Reporting incidents that may give rise to a claim.
- Affordability of the premium
If any of the above is something you are unfamiliar with, contact one of our expert brokers to discuss the policy details to help you win and retain your Insured.