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PRASIS members have an individual policy of insurance as part of their membership. The brokers and underwriters are specialists in professional indemnity and operate throughout the UK
PRASIS retains Medical Insurance Consultants who specialise in professional indemnity to provide advice, technical insurance support and other specialist services.
Medical Insurance Consultants is your point of contact on all insurance matters. The team will negotiate terms, both for new enquiries and renewals, with CFC Underwriting and are responsible for providing you with application and renewal forms as well as your policy documentation. They are committed to the highest service and quality standards and welcome your feedback.
Simon is the Managing Director of Medical Insurance Consultants and one of the lead advisors for Medical Malpractice insurance. Simon has worked within the healthcare insurance sector for over 17 years and has strong relationships with many insurers.
Gemma focuses on client renewals and is incredibly efficient and understanding. Gemmas has over 3 years experience working within Medical Malpractice insurance and as such she possesses valuable qualities that our clients continually benefit from.
Natalie is an assistant account handler and helps the Medical Malpractice team work smoothly and respond to queries as quickly as possible.
How Is My Premium Calculated?
There is no algorithm for this.
Premiums are tailored very specifically to each individual surgeon, and take into account many factors, which are carefully considered by the Underwriting team.
These factors include:
- Profile and nature of work undertaken, and whether this includes ‘higher risk’ surgery (such as facial aesthetic surgery) or ‘higher risk’ patients (such as celebrities)
- Numbers of years in practice.
- Income earned over previous years.
- Projected income for future year.
- Personal claims history (past and present).
- History of frequent changes of Indemnifier, and reasons for that.
- Prevailing issues (eg ALCL).
In a ‘claims-made’ policy, as in the case for PRASIS members, the insurer takes on the past patients treated by that surgeon as far back as the retroactive date.
Future claims ‘inflation’ also needs to be factored in, which usually runs between 5-10% per year.
Projected income therefore is only one of a number of factors influencing premiums, and is not always the most important.
For these reasons surgeons who have very similar incomes frequently have very different premiums.
It is vital for the protection of an individual surgeon that the premium accurately reflects the cover that that individual needs, and this requires accurate information provided by the surgeon, and great expertise and experience on the part of the Underwriter to assess that surgeon’s profile.