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Can you beat the rising cost of indemnity with group cover? 

24th January 2018

Can you beat the rising cost of indemnity with group cover? 

BMJ reports on indemnity group cover

The rising cost of medical indemnity insurance is driving surgeons to find group cover with commercial insurance brokers, the BMJ reports In a recent article, the BMJ writes about the problems some surgeons have faced in finding affordable medical indemnity insurance. All areas of medicine are affected by the increasing costs of indemnity. The financial pressure doctors and surgeons find themselves under is well documented.  

For surgeons, one particular problem highlighted in the BMJ article was that traditional defence unions charge a fixed rate depending on a surgeon’s specialty. As discussed previously in BMI blogs, the rising cost of indemnity has been linked to an increase in clinical negligence claims. Why should some surgeons (who have never made a claim) be footing the rising bill? They have done nothing wrong.

The BMJ article goes on to quote the MDU, who state that they vet all new applications and that “large claims (the main driver of subscription cost) occur randomly and are impossible to predict based on past performance.” In 2016, more than a quarter of claims made by consultants were from professionals who had more than 20 years’ experience and no prior claims. Surgeons with an unblemished track record therefore find themselves in a tricky situation. Despite the apparent vetting of new applications by defence unions, surgeons are still paying sky-high prices.  

How to beat rising indemnity costs

Our view is that surgeons (and other medical practitioners) should consider looking at a wider range of insurers. More choice will mean more competitive pricing for indemnity. Additional commercial insurance providers are entering the medical malpractice arena. The impact is that the cost of indemnity cover has been driven down and the quality of product enhanced. This could mean that the need for a group of clinicians to club together is negated.  

BMI Managing Director Andy Foley comments “as an independent Broker with access to many markets, I feel confident of achieving excellent value for clients, often without a joining fee or an excess for claims payment”. 

About Bespoke Medical Indemnity

Here at Bespoke Medical Indemnity* we welcome any queries from individuals or groups of clinical or surgical colleagues keen to find out what their options are for indemnity insurance. We can find the best deal for you whatever your speciality or workload. Contact us today for a no-obligation discussion about how we can help you with your medical indemnity cover. 

*E&O excluded 

Andy Foley is an independent broker with more than 20 years’ experience in the healthcare industry. Andy is the MD of Bespoke Medical Indemnity, a commercial provider of medical indemnity insurance.

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