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Renewing Your Insurance

22 May 2003 - 9:00am

RENEWING YOUR INSURANCE?

Some important questions you should ask

  1. To what amount can you insure?
  2. Is it enough to cover likely larger awards years in the future?
  3. Can you purchase extra catastrophic cover or reinstatement cover for a second claim made in any one year?
  4. Are you covered for the cost of representation before disciplinary and complaints tribunals, registration boards, and courts in medical matters (e.g. for allegations against you for sexual misconduct), and if so, on what terms?
  5. If you are employed, are you covered for any liability you employer does not cover, or for any liability as to which your employer requires your indemnification?
  6. Are the negligent acts or omissions of your staff covered?
  7. What death, disablement and retirement (DDR) cover is offered?
    1. On what terms and conditions and at what annual premium?
    2. Can the premium be increased after you retire?
    3. For how long do you have to have been a member to obtain discounted or no annual premiums?
    4. What age qualifies for 'retirement'?
    5. What constitutes 'disablement'?
  8. Do you have portability of cover? That is, does the contract offer run-off cover before you reach retirement age?
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