OpAlert recently posted a blog post based around medical indemnity insurance. We would like to ensure that all users are aware that many of the statements made were based off our own personal experiences. After further evaluation of our statements and the indemnity market, we would like to post the following comments.
The following statements were made in regard to retroactive cover and were not correct. Our recent interpretation now indicates that medical indemnity insurers are not required to cover retroactive cover without limitations. This includes Tego, who also place limitations on their retroactive cover.
- “The rules are, that the MDO that was covering you for the period that you were a financial member, will cover you for that matter. They have to, as you paid them to do it”
- “When you change to another medical insurer…. You will not be left exposed. Each insurer…. Will have to cover you for things that happened when you were insured with them”
- “… our current insurer kept telling us that we wouldn’t be covered properly if we switched. This is just not true… you will be covered in the same way”
Another statement was made that indicated “Most insurers have retroactive cover but some choose to add it on like something abnormal”. This is a false statement in that all medical indemnity insurers are required to offer retroactive cover.
Two other statements that we would like to retract are:
- “Tego is the worlds largest insurer for doctors”. Tego itself is not an insurer and it does not the largest provider of insurance for doctors
- “Higher levels of cover for every facet of the policy”. While several of the areas we looked at had higher cover, we should not have made such a blanket statement and we retract it
In summary, we apologise for any mis-interpretations from our previous blog posts and suggest that you do you own individual research and speak with your insurance broker and financial advisor. Our commitment is to help doctors Australia wide, and we thank you for your support in our free OpAlert app thus far.