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Medical Malpractice Liability Insurance Policies


Medical Malpractice Liability Insurance Medical Malpractice Liability Insurance is a combined cover for Professional Indemnity Insurance, Malpractice Insurance and Public (General) and Products Liability Insurance. Protection for Legal Liability It provides protection for legal liability arising from the conduct of their business or practice. It aims to protect the company’s position and assets in the event of a claim and endeavours to ensure they are able to carry on their business.


Medical Malpractice Liability Insurance Quote To obtain a quotation, enquire online at www.optimuminsurance.com.au. In most circumstances we are able to provide an quote over the phone. If you would like to discuss your needs further, contact us on 1300 739 861. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer. Each insurance company has its own policy wording. This means that coverage can vary considerably from one insurer to another. It is vital that you compare each policy based on the appropriateness of cover for your individual or business needs. As Insurance Advisers, it is our role to understand the terms and conditions, so contact us now for advice and a quote.


Frequently Asked Questions


Medical Malpractice Liability Insurance It may benefit a large range of healthcare professionals and medical establishments,including private hospitals, day surgeries, rehabilitation centres, medical laboratories, laser eye surgeries, nursing homes, retirement villages, chemists, and many other industries.


Policy features may include: • Professional Malpractice Cover (Professional Indemnity, Treatment Risk) • Trade Practices Legislation • Libel and slander • Dishonesty • Loss of documents • Good samaritan acts • Advancement of defence costs • Official enquiries cover • Public liability cover • Products liability cover • Tenants Liability • Goods sold and supplied Malpractice Liability Insurance generally aims to provide protection for: • Settlements, compensation and/or damages awarded against them; and • Legal costs and other expenses associated with defending a claim.


Claims Made Policies The following types of insurance are commonly termed "Claims Made" Contracts of insurance: • • • • • •

Professional Indemnity Insurance Directors and Officers Liability Insurance Association / Non-Profit Liability Insurance Management Liability Insurance Employment Practices Liability Insurance Fidelity Insurance


What is a Claims Made Contract? "Claims Made� policies only cover claims made or "Known Circumstances" that you become aware could reasonably be expected to give rise to a claim that arise during the period of insurance. Acts or omissions may have occurred in a prior period and, as long as the act or omission, was after the retro-active date, the policy will extend to those prior acts. It is essential to maintain continuity of Professional Indemnity insurance cover (no gaps in the period of cover) as claims made against you or circumstances of which you become aware could give rise to a claim, will not be covered if they are not disclosed within the period of insurance where they first arise. If there is any claim or potential claim or even a circumstance that could reasonably be expected to give rise to a claim, it should be reported to your insurer immediately it is known, regardless of your own view as to fault. If you know of a claim or circumstance and it is not reported within the insurance period in which it arises your insurance policy is unlikely to respond.


What is a Known Circumstance? A 'Known Circumstance' could be defined as any fact, situation or circumstance, which a reasonable person in the insured’s professional position would have thought, might result in someone making a claim against him/her. Therefore if a claim arises after the inception date of the policy from a fact, situation or circumstance that the insured knew or should have known, at the time of the commencement of the policy that might give rise to a claim, it would normally be excluded as it arose from a Known Circumstance.


Why is Notifying all Known Circumstances Important? By notifying all circumstances that might give rise to a claim, during a policy period, an insured can get the benefit of their statutory rights under Section 40(3) of the Insurance Contracts Act 1984 (the Act). Section 40(3) provides an insured with statutory rights to notify a circumstance or insured, to an insurer, during the currency of the policy. If a claim eventuates against an insured from the notified circumstances, then the insurer cannot deny indemnity, despite the fact that the claim arose outside the period of insurance. Therefore, any fact, situation or circumstance, which a reasonable person in the insured's professional position would have thought might result in someone making a claim against them, should be notified to their current insurer.


Changing from One Insurer to Another If you change insurers, you will need to notify your insurer of every conceivable circumstance before the expiry date of your policy. If this is not done, and if a claim was to occur in the future from a circumstance not previously notified, you may be left uninsured, with neither the previous or the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance.


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Contact Us Phone Fax Hours Email Website

+61 1300 739 861 +61 1300 732 225 9.00am to 5.00pm (EST) Monday – Friday service@optimuminsurance.com.au www.optimuminsurance.com.au

Office Location Level 1, 27 Belgrave Street, Manly NSW 2095

Presentation Disclaimer –– “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by contacting our office on 1300 739 861;” Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”


Medical malpractice liability insurance policies