Articles
What Is A Gap In Cover And The Risks?
A “gap in cover” refers to a period of time when insurance coverage is not in effect (i.e. a period in which you are NOT COVERED). It means a break or interruption in the continuity of insurance protection. During this gap, the policyholder is without the benefits and safeguards provided by the insurance policy. Key…
Understanding Prescription
What is a prescription period? Prescription is a legal principle that sets a time limit for bringing legal claims. It aims to promote legal certainty and prevent claims from being pursued indefinitely. Time Limits for Claims Different types of claims have specific time limits for prescription. It is essential to be aware of these time…
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?
Receiving a formal complaint, letter of demand or summons can leave even the most experienced professional feeling anxious. It is natural to want to respond immediately, explain what happened and defend your reputation. Before you do, pause. What you say and do next could affect your legal position and your professional indemnity insurance cover. A…
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?
Taking out medical malpractice insurance is not a once-off administrative task. Your practice changes over time. You may begin performing new procedures, employ additional healthcare professionals, open another consulting room or start doing locum work. The cost of defending and settling medical malpractice claims can also change, while insurers may update policy terms, limits and…
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…