When making a indemnity insurance comparison in Australia it is important to consider both the policy features and if the pricing includes the same retroactive cover.
MIPS Assist
Where MIPS' indemnity policy cannot respond, MIPS may be able to provide support through MIPS Assist.
MIPS Assist provides discretionary assistance to members for disputes that arise in connection with employment, training and industrial relations. MIPS Protections applies to non-medical indemnity matters.
Find out more about and see examples of MIPS Assist cover.
Membership Quote
This is a summary only, you should read the full list of member benefits, including any terms and conditions which are outlined in the Member Handbook.
Understanding retroactive cover
Claims-made and medical indemnity insurance in Australia
Medical indemnity insurance in Australia is provided on a claims-made basis. This approach is different to some other countries, such as the UK, where cover is generally provided on a claims-incurred basis.
Claims-made insurance policies cover claims made in the period of insurance and notified to the insurer in the period of insurance.
The Indemnity Insurance Policy is a claims-made insurance policy. Cover will apply:
- if you are a current MIPS member at the time the incident is notified to MIPS; and
- where the relevant incident occurred on or after your retroactive cover date but excluding any known or previously reported events.
You must notify MIPS of any claim or complaint made against you or any investigation or incident as soon as reasonably practicable after you first become aware of the claim or investigation.
Incident covered under claims made
Claim accepted. The claims occurs after the retroactive date and is reported within the membership (policy) period.
Incident not covered under claims made
Claim rejected. Claim reported after membership (policy) period cancellation, even though incident occurred within membership period.
See the Indemnity Insurance Policy in the Member Handbook for further details.