08
Jun

Medical professional indemnity insurance – Doctors should be aware of the risks of auto-renewal

Many Doctors let their medical indemnity policies “auto-renew” once a year. This is understandable as we know how busy Doctors are. Few have time to stay on top of the administration of their policy.

Whilst “auto-renewal” can be convenient, especially if your premiums are automatically taken from your bank account via a direct debit, it can be dangerous.

Did you know that you must update your Billings amount and potentially your Category Of Practice before the policy renews each year (and whenever there is a change) ? And insurers may change their category scope or guide each year for each speciality, meaning you may need to guide them on what category you now fall into.

Most insurers reserve the right to conduct an audit of your gross billings. So, what is the risk of your policy renewing with incorrect billings or a category guide ?

The consequences can be serious. An insurer may refuse to cover you. If your actions are deemed to be fraudulent, the insurer can treat your policy as never existing. Another consequence could be that you may need to pay an additional premium and this could be backdated and payable for more than one year.

Have you considered using a broker like Experien General Insurance Services to help you arrange and manage your medical indemnity insurance premium. Contact us to find out how we help many doctors across Australia.

It can be confusing to navigate the various options and approaches of each insurer. To find out more, or to get support, contact us below.

 

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Always read the Product Disclosure Document of an insurer before considering whether to take a policy of insurance. General insurance services are provided by Experien General Insurance Services Pty Ltd ABN 77 151 269 279 AFS Licence No. 430190 (EGIS) trading as Experien Insurance Services. EGIS is a broker and is not an insurer.