4th December 2008
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4th December 2008 |
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 Occurrence-based MDM Bhd will function on "occurrence-based" grounds. Provision on an 'occurrence basis' means that a member - physician is eligible for assistance for all claims arising out of professional work done during active membership of the association, regardless of when claims are made. By contrast, the commercial professional liability insurance alternative is usually offered on a 'claims made basis'. Therefore, protection is provided only for claims reported to the insurer while the doctor has a valid policy, regardless of when the professional work giving rise to the claim is done. Therefore, once the policy ends, no further claims are accepted. The dichotomy illustrated here shows that with "occurrence-based protection", members are less vulnerable once membership has ceased when compared to 'claims made' coverage. Fully funded Approach: Funding policy and fee setting strategy follow a fully funded approach. This requires that membership fees be set each year at levels sufficient to allow the financing of all the disbursements. Indemnity cover from MDM Bhd is expected to cover actual court awards, "out of court" settlements and legal fees for defence lawyers. |
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