Clyde & Co’s Claire Petts discusses excess charges in medical indemnity
“It’s well established in many parts of the insurance industry that excess charges can reduce premiums. Vehicle insurance premiums, for example, can be substantially reduced if customers are prepared to pay a bigger excess in the event of a claim. If you’re confident that you are unlikely to have an accident, then you may feel that’s an acceptable risk to take.
With medical indemnity, there is a real possibility that a practitioner may be subject to multiple claims. If this happens, an excess charge that initially seemed like an affordable risk could become a significant financial liability, because it is payable on every claim. It’s important for medical professionals to bear this in mind when evaluating their options for medical indemnity cover.”
Winner of many awards, including Law Firm of the Year and Insurance Legal Firm of the Year, Clyde & Co provides legal services for PMP clients.