What are Claims made and Occurrence Policies?
PMP is currently the only commercial medical indemnity insurance provider in the UK that offers customers the choice of a claims made or occurrence based indemnity policy.
Claims made
The policy limit covers claims made in each policy year. You are also covered for any claims arising out of circumstances a situation or event from which a claim may arise. you have notified to your insurer during the policy period. The cover extends back to your ‘retroactive date Every claims made policy should include a retroactive date. This is the date from which you are covered for claims arising from work performed after such date and made in the policy period.‘ which is usually the date your first claims made insurance policy started.
You will be provided with an annual limit of indemnity (LOI)The maximum amount the insurer will pay under a policy during the policy period. which applies for claims that arise from treatment undertaken after your retroactive date Every claims made policy should include a retroactive date. This is the date from which you are covered for claims arising from work performed after such date and made in the policy period. until the expiry of your active policy.
PMP Policies:
- All PMP claims made policies include free run-off cover for an unlimited period from the point that you permanently cease practising (subject to policy terms and conditions).
- If you switch to PMP from another claims made policy, PMP will provide you with the same retroactive date as your expiring policy.
Claims made example
In this example, the insured is covered by a claims made policy with a retroactive date of January 2021. The treatment in question is carried out in 2022 and a potential claim or circumstance is reported to the insurer in 2023. The 2023 policy will respond to this and should a formal claim be filed years later this 2023 policy will still respond.