What are the key differences between a discretionary indemnity product and an insurance policy?
Customers should note that the terms of the MIL insurance policy differ from the classic MDDUS discretionary indemnity product in a number of key areas:-
Discretionary Product Features:-
- MDDUS discretionary indemnity provides access to assistance for events that occurred while the individual was a member even if they are no longer in membership when the claim is made.
- Uncapped claim limit, at the discretion of the MDDUS Board.
Insurance Product Features:-
- MIL insurance covers claims incurred and notified during the policy period, and on permanent retirement.
- £10m per claim limit (within annual aggregate).
- If transferring from an existing insurance policy, we can arrange cover for events that occurred during that time, if required.
- Should the individual cancel their MIL policy, we can arrange cover for events that occurred during the policy term.
|MDDUS Insurance Limited||MDDUS Discretionary Indemnity|
|Claims made insurance cover
This means you must be insured both when the incident occurred and when the claim or potential claim is reported.
|Occurrence based claims indemnity
You will be eligible to seek assistance, if you were in membership at the time of the incident, regardless of when an actual claim is brought against you.
|Excess or co-payments||X||X|
|Upper claims limit||✓
Limit shown in policy schedule
|Protection for claims brought against the corporate body||✓||Supplement available*|
|MDDUS Membership benefits||✓
A charge for MDDUS membership is made alongside your annual insurance premium
|Access to risk training and resources||✓||✓|
|Support provided by our in-house teams of expert medico-legal advisors and solicitors||✓||✓|
|Professional assistance, advice, representation and, where necessary, appropriate legal representation in respect of:
|24/7 medico-legal advice||✓||✓|
|Worldwide indemnity for Good Samaritan acts||✓||✓|
|Basis of indemnity against claims||Insurance contract underwritten by MDDUS Insurance Limited
||Discretionary indemnity provided by MDDUS|
|Availability of indemnity after the end of membership or period of contract
||"Run off cover" included automatically following permanent retirement, death or incapacity. This allows you to continue to report claims that arise from incidents that occurred whilst you were insured by MIL||Occurrence-based indemnity means that you can support claims that arise from incidents that occurred during your MDDUS membership, even if your MDDUS membership has ended|
|Dedicated account manager||✓||✓|