UK Enterprise Awards 2021

50 | UK Enterprise Awards 2021 May21345 Medical Indemnity Insurance Specialists of the Year 2021 Medical Indemnity insurance is there to protect medical professionals from accusations of causing physical or mental harm, injury or death to a patient. We speak to Ian Redbourn of Incision Indemnity about what Incision offers their members and how it has successfully weathered the Covid-19 storm. Surgeons work hard to deliver good quality healthcare but sometimes, even with the best experience and training in the world, things can go wrong. Often, these mistakes can have serious financial consequences for a patient, and therefore, the operating surgeon. If a patient has suffered harm as a result of a surgeon’s negligence, it’s very important that the surgeon has adequate and appropriate insurance (or indemnity) to compensate the patient. Medical indemnity insurance responds to an accusation of medical malpractice, where the medical professional service provided was allegedly substandard, and caused physical or mental harm, injury or death to a patient. It is designed to protect the surgeon during the claims process, including any costs and defence fees arising from the claim. In cases where malpractice is proven, compensation is paid to the patient. Sadly, our society is becoming more and more litigious and the risk of legal action against a surgeon for medical malpractice is increasing every day. Since 2010, Incision Indemnity (Incision) has developed a number of medical indemnity schemes for specialist surgeons in the UK in order to provide an alternative to, and compete with, the Medical Defence Organisations. Part of Paragon International Insurance Brokers Ltd (Paragon), Incision provides its members with a regulated and secure contract of insurance which is backed by Lloyd’s of London syndicates and S&P A-rated specialist medical malpractice insurers. “We provide a sharp, refreshing and intelligent approach to medical indemnity insurance,” says Ian Redbourn, Head of Healthcare and Life Science at Incision. “We have been developing cutting edge medical indemnity insurance for individual surgeons for over 10 years and we’re always on hand to help.” The benefits of using Incision are plentiful and include in-house 24/7 medico-legal advice by medically and legally qualified personnel, along with risk management services including articles and seminars. Incision also provides up to £40m aggregate limit of liability and 21 years Extended Reporting Period (sometimes known as run off cover), from day one of membership, at no additional cost. As well as a first-class team of Medico-Legal Consultants, it further gives access to Incision Support Plus offering discretionary cover for non-medical issues arising from our members’ practice that are not otherwise covered. Incision Indemnity initially dipped its toes into the medical indemnity sector by launching a scheme for plastic surgeons but, following rapid success and growth, quickly expanded into other specialisms including (but not limited to) orthopaedic, spinal, ENT and ophthalmic surgeons. “We now have approximately 1,500 members throughout the UK and Ireland, a number which is growing daily,” enthuses Ian. “This offering is growing and we plan to launch additional lines later this year. Unlike many of our competitors, our offering of contractual indemnity is provided alongside a wealth of risk management information, educational seminars and our own in-house legal team, available 24/7.” Paragon launched the Incision brand in 2018 and the key offerings remain strong and have in fact been enhanced since its initial inception, staying faithful to the following core principles: • Each surgical specialism is ringfenced from the exposures of others and will be considered on their own merits and not by the portfolio as a whole, i.e. a claim from a spinal surgeon will have no impact on the rates of an ENT surgeon, for example. • A surgeon’s membership subscription is calculated using more than just the surgeon’s income. Incision uses elements of a private practice, including but not limited to, type and number of procedures, medico-legal work and sessions. • Medico-legal advice and claims services continue to be Incision’s most important asset. Incision was the first (and as far as Ian is aware, the only) company in the UK to launch an online “quote” and “buy” system for surgeons in independent practice. Provided that an applicant does not trigger certain referral points, they can receive their quote, buy online and obtain their policy documents instantaneously. There is no doubt that 2020 was an incredibly difficult year due to the Covid-19 pandemic and no other industry was perhaps more affected than the medical and healthcare sector. However, Incision sought to provide extra support for its members in a number of important ways during this challenging time and will continue to do so throughout 2021. “As a Coverholder, we have more flexibility in our approach than our competitors,” Ian says. “Consequently, when the Covid-19 pandemic initially hit, we were able to provide some of our members with a three month coverage extension, free of charge, to provide some financial relief during a very difficult time.”