Medical Indemnity Insurance
Medical Indemnity Insurance plays a vital role within the Australian health system by insuring both doctors and patients are protected in the event of an incident arising from medical care. Australia’s health system is quite safe but due to human error things can occasionally go wrong, leading to patients being harmed in the process.
Australian Health Practitioner Regulation Agency (AHPRA) requires Doctor’s hold a medical indemnity policy that provides $20 million liability cover.
How can Guard Insurance Brokers help?
Guard Insurance Brokers offers medical indemnity insurance through TEGO. TEGO is underwritten by Berkshire Hathaway Specialty Insurance Company, part of Berkshire Hathaway’s National indemnity group of insurance companies, which had $240.3 billion in total admitted assets and $129.6 billion in policyholder’s surplus*
*Source: Balance sheets as of 30/09/2017 for the Berkshire Hathaway National Indemnity group of insurance companies.
How can you benefit?
The TEGO policy is unique in the Medical indemnity space because it offers benefits that other insurers do not, such as:
- Double the cover – TEGO’s policy tops up your cover by another $20 million if a claim exhausts your limit.
- Flexible renewal dates- renew your policy at anytime of the year.
- Cover for Privacy Act Breaches, including Fines, as well as cover for the cost of notifying patients and regulators if you have a privacy breach.
- Coverage for Defence costs and fines for any statutory breaches
- TEGO Insurance is not a mutual so it assesses risk individually.
- Unprecedented financial Strength, backed by Berkshire Hathaway, market cap of $355 billion.
As a doctor you are assessed on your own merits; your experience, qualifications and claims history. You are not pooled with all the other members of your speciality and your insurance premium is not determined by how your peers have performed (ie the number of claims made).
Standard policy features include:
- Reputation Protection – policy contributes to legal costs if you wish to continue defending a claim, also covers costs of public relations consultant.
- Defence costs- Provides additional protection with a reinstatement clause
- Public patients cover – automatically covers claims in practise speciality where hospital or area of health service doesn’t indemnify you.
- Loss of income when attending court
- No Gaps when returning from maternity leave – Australian Government Run off Scheme doesn’t cover claims after a return from maternity, tail cover will insure mothers on unexpected gaps.
- Privacy Risks – Covers fines fro breaches of privacy laws as well as the cost of notifying regulators and patients if you have a privacy breach.
- Needle stick cover – cover provides automatic lump sum payment if insured is diagnosed with covered communicable disease requiring them to retire, retrain or revise your practice.
- Cover of practise activities – broad healthcare services to minimise gaps in insurance protection.
- 24 hour medico- legal assistance.
Why Call Guard Insurance Brokers
- Professional Advice – Our brokers have a strong knowledge of the Medical Indemnity insurance sector and can ensure all your activities as a Doctor are insured correctly.
- Hands-on claims management – We are insurance professionals with years of experience managing claims. We work for you and will use our extensive product knowledge and negotiating skills to get you the best possible claim outcome.
- Personal Service – We take service seriously. You will have a dedicated account manager as a point of contact for all enquires and claims.