Dear Challenge Consultants,
I hope all is well with you and your private practice.
A significant feature of your current medical indemnity cover offering is the peace of mind provided by the run-off coverage clauses in your current policy terms and conditions, as follows:
- 21 years coverage following retirement from practice (or Death/Disability), at no additional cost
- 10 years coverage following cessation of private practice, at no additional cost
- 10 years coverage following departure from Ireland to practice abroad, at no additional cost
Consultants do not have to pay additional premium when triggering one of the above clauses, as per current policy terms and conditions.
The Challenge broking team have recently completed annual insurance market negotiations with insurers. In summary I am pleased to advise that your next indemnity renewal will include premium rates broadly similar to last year and the cover offering remains very comprehensive. There is also some positive news in the claims figures which should enable us to achieve more competitive premiums in future if this trend is to continue.
Challenge have access to 20 insurance companies who supply indemnity on a claims-made basis. We will continue to offer claims-made based coverage (with auto run-off cover clauses) as best advice. We firmly believe that the much larger and established insurance market of claims-made based insurers will continue to deliver the most competitive premiums today and over the longer term.
If you have any indemnity related queries please contact myself of the Challenge Broking Team on 01-8395942 or send an email to indemnity@challenge.ie
Kind Regards,
David Walsh
Managing Director
Challenge
t: 01 8395942
m: 087 1317107