Helping doctors make wise moves with insurance
The Howden Healthcare team offers the reassurance of a team with a true understanding of your needs, and long-term experience managing Medical Malpractice Insurance programs in Singapore.
Three things you need to know
To make an informed choice on your Medical Malpractice Insurance provider, there are only three things you need to know:
Crisis? What Crisis?
Those with a vested interest in keeping insurance premiums high often try to invoke a crisis. They will tell you that malpractice claims in Singapore are escalating, and that more and more patients today are suing. There is simply no evidence available to support such claims.
There is no malpractice claims crisis in Singapore, and therefore no reason why premiums should be increasing.
Occurrence-Based Cover – the Gold Standard
Being the subject of a malpractice claim can be highly stressful. The last thing you need in such a situation is the added stress of not knowing if the insurer will accept your claim. There are two forms of Medical Malpractice Insurance; occurrence-based policies and claims-made policies. Some of the differences between these policies are quite technical, but when it comes to lodging a claim the comparison is simple:
1. A claims-made policy allows the insurer to deny a claim based solely on when it was notified.
2. An occurrence-based policy does NOT allow the insurer to deny a claim based solely on when it was notified.
In our view, that’s all you need to know.
Malpractice claims can be complex, and emotions sometimes run high. The human element is important, and means that local culture plays a role. The ability to manage such claims with skill and empathy takes many years to develop. When you are offered a quotation for Medical Malpractice Insurance, ask how long the insurer has been providing Medical Malpractice Insurance. Not in the USA or the UK, but here in Singapore.
Making your life a little easier
Managing a medical practice in Singapore has never been more complex. New regulations like the Personal Data Protection Act, and soon the National Electronic Health Record program, demand more and more of your time.
Of course, the rising expectations of patients does nothing to ease the workload either.
So when it comes to the decision on your Medical Malpractice Insurance, we understand that you need someone that you can rely on. You don’t have time to read through long policy documents or debate the merits of different structures.
You simply need someone to keep you safe while you help others.
Worried about something?
If you have questions regarding risk, an experienced broker is the best person to ask