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Medical Indemnity Insurance (MI) is mandatory, and good practice, for every doctor working in English Speaking countries.

WHO PROVIDES MI COVER?

Every country has different arrangements for this, and in some countries like the USA, you should check the credit rating of your MI company carefully, as many of them are facing solvency issues. In Canada, medical indemnity is covered by a general pool, similar to self insurance needed by doctors before they start practicing and due to market regulations, these companies are far less likely to be insolvent than their US counterparts.

To take the Australian example:

The first level of cover is provided by the (public) hospitals, employers or practice, the second by insurance organisations such as MDAV

Note that the MI information in each country is very different. For accurate information on MI in other countries, please contact the relevent organisations.

WHAT IS COVERED BY A MI POLICY?

In Australia, in the public sector, the hospital’s insurance will cover the cost of the doctor getting sued-the claim itself- but will not cover legal and other costs associated with defending the claim. Therefore the insurance from organisations such as MDAV would cover the “gap”.

in the case of private hospitals, the insurance should cover the whole amount of the claim plus fees, as the hospital itself doest not routinely provide insurance – although some of the larger ones may – it is best not to assume.

It is important to clarify with the insurance company what the insurance does and does not cover, and if there are any exclusions. And always, read the fine print and make sure you understand the MI policy, and that it is appropriate for your needs.

To protect you as a doctor, and ensure an accurate MI application process, it is necessary to establish what indemnity insurance is held by each employer, and where there is doubt, an extract from the certificate of currency should be requested.

HOW MUCH DOES MI COST?

In Australia, the cost of the premium depends on the mix between public and private that the doctor has: the more income earned in the private sector, the more the annual premium will cost. It also depends on the category of specialization, procedural vs. non procedural etc. For this reason, and the fact that all insurers measure risk slightly differently, the premium would be determined on a case by case basis, by the insurance company.

The need to have run off cover for three years after the position ends is standard throughout the world, some experts recommend it should be maintained for longer, for example if the doctor has been practicing as an obstetrician.

In addition to the indemnity insurance, doctors may be advised by third party experts about other means of protection of assets, such as appropriate company structures.

Note that the MI information in each country is very different. For accurate information on MI in other countries, please contact Medical Recruitment

Gordon
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