Indemnity and Indemnity Providers

20^th September 2023

Simon Downing, Managing Director of our Brokers MIC (Medical Insurance Consultants) writes:

Where should you go for your medical indemnity cover?

The medical malpractice market always seems to be in a state of flux, perhaps more noticeable from the inside. Brokers and providers appear who think they can tap in to the market and offer something new, in reality offer just a simple rehashing of what is already available.

Members can be lulled by these new entrants - some of whom offer the world, others of whom offer (limited time) reduced premiums. Of course we all want to make sure we are getting the best deal we can, we advise caution when considering ‘flip flopping’ between different providers.

Loyalty and insurer knowledge of your practice can serve you well, providing a consistently stable premium. This contrasts with the experience of some who switch insurers for a year only to be faced by a premium which then goes up for no apparent reason, putting them in the position of thinking of switching again, and risking entering a cycle which weakens their insurability.

Longevity of a provider is a good indicator of their understanding of the medical indemnity market, and is aligned with consistency of insurer. A provider/broker constantly getting different insurers behind them usually indicates a worrying picture behind the scenes. This activity may be harder for you to see, which is why it is good to talk to us so we can help you understand our recommendations.

At PRASIS we secure and align with insurers for the long term to ensure members get a comprehensive service, with competitive premiums and solid policy coverage.

Again, please note that we provide contractual policies, backed up by in-house medico-legal support, not the ‘we may or we may not cover you’ discretionary cover offered by the MDO’s.