If you work in the medical or healthcare sector, you may be aware of what medical indemnity is and what it entails. It is, in the very simplest of terms, insurance that relates to medical malpractice. It is designed to protect surgeons from claims made against them by former patients and covers the various legal costs involved. If you want to expand your existing knowledge, continue reading to familiarise yourself with the different types of medical indemnity.
In order to gain a well-rounded understanding of medical indemnity, you must do your research. This includes researching the different types available to you and when you may need to opt for a particular type as opposed to another, for example. Occurrence based medical indemnity provides coverage for accidents or emergencies that occur during the length of time within which the policy or membership period is valid regardless of when the claim is made. This means that if you are paying the correct subscription rate at the time the incident occurred, you will be fully covered. If you are looking to brush up on your existing knowledge of the different types of medical indemnity as an employee of the medical or healthcare sector or former patient, it may also benefit you to familiarise yourself with a useful explanation of medical indemnity as well as when it may be necessary.
In addition to occurrence based medical indemnity, claims based medical indemnity is also available. It differs from occurrence based medical indemnity in that it only provides coverage for accidents or emergencies that occur during the length of time within which the policy or membership period is valid provided that the claim is also made and reported during this time. If the policy or membership period has lapsed, however, you will not be covered and you will be forced to contend with the legal costs of a claim that is brought against you yourself. In order to protect yourself from further claims that were accrued but not reported during the period of time in which you were covered, you may require what is known as run-off coverage. It is a common belief that claims based medical indemnity provides robust protection and is pro-defence over pro-pay in the event of a claim. This is one of the main reasons why medical practitioners and business owners favour this type of medical indemnity over others.
Contractual and discretionary
As well as occurrence based and claims based medical indemnity, contractual and discretionary medical indemnity may also be valid options. Contractual medical indemnity is, as the name suggests, a contractual obligation to provide monetary compensation for loss or damage. Discretionary medical indemnity is, on the other hand, the provision of legal and financial assistance at the discretion of the provider. This may be necessary in the event that an insurance contract between the healthcare professional and the provider is not backed, for example. It is worth noting that with discretionary medical indemnity, however, the organisation can exercise discretion in refusing to assist you regardless of whether or not you have paid the correct fees and are in the appropriate subscription category.
If you are curious as to which type of medical indemnity you are entitled to or that is available to you as an employee in the medical or healthcare sector, you must do your research. By doing so, you can find out everything you need to know about occurrence based, claims based, and contractual and discretionary medical indemnity and weigh up the pros and cons of each before making an informed decision.
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