Articles
What is the difference between a short-term insurer and a Mutual organisation that provides professional indemnity cover?
Short-term insurers and mutual organizations that provide professional indemnity cover are two different types of insurance providers that operate in different ways and have different structures. A short-term insurer is a company that provides insurance coverage for a specific period of time, such as a year, and charges a premium for that coverage. Short-term insurers…
Why do I need a professional indemnity policy?
As a professional, you provide advice, services, or expertise to your clients or customers. However, there is always a risk that your clients may suffer a financial loss, injury, or damage as a result of your professional services, which could lead to a claim or lawsuit against you. A professional indemnity policy provides you with…
What to do when you receive a letter of complaint and/or summons?
If you receive a complaint or summons, it is important to take immediate action to protect your interests. Here are some steps to consider: Remember, the specific steps you need to take may depend on the circumstances of your case (including what your insurer’s policy wording states). It is important to consult with your insurance…
What limit of indemnity do I need as a specialist medical professional?
The limit of indemnity you need as a specialist doctor in South Africa will depend on several factors, including: Medical malpractice insurance policies offer limits of indemnity ranging from R1 million to R50 million or more. However, it is important to note that higher limits of indemnity may be required for certain specialties or practices,…
Common claims for surgeons
Surgeons are often subject to medical malpractice claims, which can be financially devastating for both the surgeon and their practice. Common claims for surgeons in the insurance industry include: It is important for surgeons to have comprehensive medical malpractice insurance coverage to protect against these and other potential claims. A qualified insurance broker can help…
Why is having a local South African med-mal broker preferable?
Having a local South African medical malpractice broker can be preferable for several reasons: Overall, having a local South African medical malpractice broker can provide you with the local knowledge, personalized service, and accessibility that you need to find the right coverage for your medical practice. While a broker who is not a local broker…
Is an Occurrence Based product better than a Claims made product?
Whether an occurrence-based product is better than a claims-made product depends on a variety of factors, including the nature of your business, your risk profile, and your budget. Occurrence-based policies provide coverage for incidents that occur during the policy period, regardless of when a claim is made. This means that if an incident occurs during…
Why it is important to annually review your current Medical Malpractice Cover limits and scope of cover?
It is important to annually review your current medical malpractice insurance coverage limits and scope of cover for several reasons: Overall, an annual review of your medical malpractice insurance coverage can help ensure that you have the right coverage in place to protect your practice and your patients. It can also provide peace of mind…
What is the difference between a claims made and an occurrence based cover?
Claims-made coverage and occurrence-based coverage are two different types of liability insurance policies that provide coverage for different time periods and under different circumstances. A claims-made policy covers claims that are made against the insured during the policy period, regardless of when the underlying incident occurred. This means that the policy will only cover claims…
What is the importance of a retroactive date when taking out claims made coverage?
A retroactive date is an important component of a claims-made insurance policy. Claims-made coverage is a type of liability insurance that covers claims made against the insured during the policy period, regardless of when the incident that led to the claim occurred. The retroactive date is the date on or after which an incident must…
Prescription: Common Questions Answered
What Is A Prescription Period? A prescription period is a time limit after which the opportunity to claim or the obligation to pay money expires. This period begins immediately after an incident occurs or a debt is incurred. A prescription period applies to legal claims and debts. When does prescription begin to run? Prescription commences…
Why do I need a liability insurance broker in South Africa?
Professional liability insurance is a vital part of running a business, so it’s important to get the right cover for your profession. A liability insurance broker has experience in different types of professional insurance and risk management. A liability broker will work closely with you to identify the risks which your business faces, and they…