If you’re considering locum insurance – and all its myriad options – you will eventually come across continuity of cover. It’s an option that we offer.
Whether to buy a policy with ‘continuity of cover’ is arguably the most fundamental decision you need to make regarding your locum insurance. So let’s explore exactly what it is.
What happens if you claim – and you’ve bought continuity of cover?
When you opt for continuity of cover on your locum insurance policy with us, we will tell you up-front what you will and what you won’t be insured for. If you go on to claim for something you’re insured for – say a bad back - our underwriters will pay out for repeated claims. In other words, you will be covered every time your back problem returns (subject to the policy’s deferment period). Importantly, the underwriters won’t alter the underwriting terms of the policy at renewal in an attempt to restrict future claims. The only time you’ll be re-underwritten is if you decide you want to change your policy.
What happens if you claim – and didn’t buy continuity of cover?
If you opt for a policy which does not provide continuity of cover, you and your back complaint will be reassessed by our underwriters at your policy’s first renewal date after the first claim is paid. In most cases a restriction will be placed on the policy stating that the underwriter will not pay any further claims for back-related absence.
The impact on the sums you and your practice would be able to claim from the policy as a result of your bad back would be significant.
Why do we give you a choice?
Some locum insurance providers don’t give you a choice – because continuity of cover does not feature in their policies. This often comes down to how much they want to charge – and how much you want to pay. Policies with continuity of cover built into them are more expensive than those without, because of the guarantees that the underwriters are giving.
So is the additional cost of continuity of cover worth it? Our experience here at Practice Cover is mixed. Many come to us because they think continuity of cover is vital. Others come to us for the range of cover, and take the opposite view over continuity of cover.
What’s right for you?
Do you worry about whether a claim this year will lead to your claim in a later year being declined? If so, you might opt for continuity of cover. You might take the view that, although it costs more, saving money on your premium is a false economy.
Alternatively, you might think that someone who is regularly off ill is likely to take ill-health early retirement. If that’s the case, as a practice you may begrudge paying for cover you wouldn’t need because the person would simply leave the practice after suffering recurrent bouts of ill-health.
MAKE SURE YOU KNOW WHAT YOU NEED. We can help you with your research, walk you through the jargon and put the locum insurance that you need in place. Call us on 023 8051 3286.
You will speak to a person, not a machine and, as we have no sales force, you won’t be pushed into buying anything by someone who’s paid to sell.
The opinions presented in this blog are solely those of the author on behalf of Practice Cover Limited and they do not constitute individual advice.
