Medical Malpractice Insurance
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…
Understanding VAT & How To Save On Your MedMal Insurance Premium
VAT explained Value Added Tax (VAT) is a secondary tax that is charged on the consumption of goods and services in the economy. In the context of medical practitioners, VAT is charged on the consumption of your services (the provision of healthcare). This means that a portion of your revenue is paid to SARS as…
What is a reportable circumstance and what is a claim?
A reportable circumstance is any occasion when the Insured first becomes aware of any of the following: an intimation of a possible claim for damages, including correspondence intimating that the Insured was at fault in relation to performing any service or is liable for costs incurred or losses suffered by a third party; or the…
What is Medical Negligence?
Medical means science, the practice of medicine, or medical examination to assess a person’s state of physical health or fitness. Negligence means failure to take proper care or breach of a duty of care, which results in injury or harm to a patient. When you put these terms together, “medical negligence” is the act or…
- « Previous
- 1
- 2