Run Off Cover & Extended Reporting Periods
We Offer Claims Made Basis Policies
Private medical indemnity insurance policies are written on a ‘Claims Made’ basis, which means that you are insured during the policy period.
For example, if your Medical Indemnity policy incepted and commenced on 1st January for 12 months, it would expire 31st December.
You would only be covered for this period on a Claims Made basis.
This means is that you need to have cover in place, not only during the policy period and when procedures and treatments are carried out, but also when a claim is reported - which could be many years in the future.
Many healthcare professions maintain indemnity protection throughout their careers, with no gaps in cover. So whilst this is not normally an issue, it is important to arrange an Extended Reporting Period, often known as “Run-Off” cover, against any future allegations which may arise when you choose to retire or cease to practice.
Run Off Cover and Extended Reporting Periods
Healthcare professionals receive loss notifications years into future, often unexpectedly from patients seeking compensation, which they have 3 years in the UK to bring amount any potential claims from the original Claim Notification, with some losses over 5 years are not uncommon.
Irrespective of the merits of the claim, the claim must be defended by insurers – which can often be very costly in compiling evidence and assessing medical records.
If you are interested in seeking Run Off cover – please contact our in-house Medical Director, Dr Edwin Rajadurai who will be able to offer you guidance and coverage, bespoke to your requirements.
Benefits of working with Servca
High Quality Cover and Service We develop bespoke insurance solutions for our clients that are cost-effective and offer cover to protect our clients' interests, backed by 'A' rated insurers.
Contract-Certain Cover Unlike other providers, a policy from us will always protect you from negligence, covering you for any claim made during the active time of coverage, giving you complete piece of mind and security.
Market Comparisons We speak to all possible medical malpractice insurers and arrange a variety of quotes for you to consider so that you have different options to choose from.
Bound by FCA regulations and Treating the Client Fairly Everything we advise, do and commit to is regulated by the FCA and we obliged to always look out for the best interests of our clients.
No Excess In the vast majority of cases, you will have no excess to pay in the event of a claim.
Specialist Medical Indemnity Broker As pioneers in the healthcare liability insurance sector, we offer all our valued clients unrivalled advice and access to the world's largest insurance market (Lloyd's of London). Our Managing Director is a Medical Professional, so we fully understand your needs and tailor policies to suit you.