Cover for Groups of practitioners and associations has been increasing throughout the UK and Europe as it is often seen as a cost-effective method for insuring a group a medics. The idea is that it provides the ability for a network of medics to benefit from a single overarching policy for their medical malpractice requirements, thus providing a cost-effective solution.
What are the basic’s you need to request from the Insured:
- Completed Association or Entity proposal form.
- A list of all the medics in the group or the number of medics’ within the association.
- In a large group or association, the number of medics’ that will benefit or use the coverage provided.
- Signed and dated No Claims Disclosure.
- A description of the type of coverage required.
- Risk Mitigation protocols.
What you need to discuss with your client:
- Limits of Indemnity – since there are multiple benefactors on a single umbrella policy, the limit needs to be appropriate to cover claims for all the members.
- The nature of an Aggregated Policy – the insured needs to understand the consequence of going over an aggregated limit.
- Run-Off (ERP) – ERP will note function the same as policies for individual practitioners. The insured needs to understand the differences and duration of the ERP.
- Claims History. Previous claims history will have a widespread effect on the umbrella policy which will ultimately affect the premium for the group or association as a whole (commonly, within an association members do not contribute to the policy and is a benefit of membership).
- Cancelations and how they affect claims made policies.
- Reporting incidents that may give rise to a claim.
Contact us and see how we can assist.