For just over 100 years, doctors have sought their professional liability cover largely by buying membership of a mutual fund – to access membership benefits that include discretionary, claims-incurred, uncapped protection – rather than buying a claims-made, capped contract of insurance. What does it all mean?
Claims-incurred v. claims-made
What’s the difference?
‘Claims-incurred’ cover. Protection is based on the date of the clinical incident that ultimately leads to a complaint or a claim, not the date upon which the complaint or claim becomes known to the doctor and notified to the insurer or mutual fund.
‘Claims-made’ cover. The relevant date is the date the doctor makes a report to the fund or insurer – that is, ‘makes a claim’ for assistance.