Retroactive cover provides you with medical indemnity insurance for claims that are first made against you and notified to us in writing during the Policy Period and which arise from circumstances that occurred before the Policy Period commenced. The Retroactive Date represents the earliest date on which a circumstance giving rise to a covered claim could have occured.
If you are moving from another insurer, where you were covered on a claims made basis, MIGA can provide you with retroactive cover for your prior practice. This means you will be covered for what is often referred to as your "tail".
It is extremely important to consider whether you require retroactive cover or whether there are any gaps in your existing retroactive cover as you may be personally liable for any claim if an incident occurred during a period for which you were not adequately covered.
As a guide, you may require retroactive cover if any of the following circumstances apply:
- Your claims incurred membership with an MDO was not continuous (ie you had gaps in your membership)
- You had claims incurred membership with an MDO but you were not a financial member of the MDO at the time you resigned or left
- You had claims made membership with your prior MDO and did not purchase run-off cover at the time you resigned or left
- You purchased run-off cover at the time you resigned or left your prior MDO on an annually renewable basis, which you have not maintained
- You had a prior period of claims made insurance with an insurer for which you did not effect and maintain run-off cover
- You practised without membership of an MDO and/or without insurance (ie you were self insured)
MIGA may be able to provide you with cover in the above circumstances. Simply contact our office on 1800 777 156 to discuss your situation and we will review your retroactive cover requirements.
For more details please refer to Section 3 of the Combined Financial Services Guide and Product Disclosure Statement.
