The medical malpractice insurance offered by Genoa Underwriting Managers is underwritten on a Claims Made basis.
This means that there must be cover in force when the work is performed as well as at the time a claim, incident or circumstance which may give rise to a claim is notified to the Insurers. It is for this reason that the retroactive date is so important and must be maintained to avoid any interruption in cover.
The retroactive date on a policy is the date from which the Insured first incepted cover and any work performed on or after that date will be covered in terms of the Claims Made policy. This is always subject to the understanding that there have been no gaps in cover and that a policy is in force at the time a claim, incident or circumstance which may give rise to a claim is notified to the Insurers.
In the event of termination of your Medical Malpractice Insurance, you will need to ensure that:
- You do not have a gap in cover as you run the risk of losing your retroactive cover.
- To avoid any gaps, you would need to ensure that your replacement Insurer matches your current retroactive date.
- You have notified your current insurer of any possible claim, incident or circumstance which may give rise to a claim
Please note that once the policy has been terminated, the Insurer’s liability shall terminate other than in respect of any:
- Outstanding valid Claim and/or loss which was already reported to the Insurer;
- Circumstances and/or Claims made and notified in writing in accordance with the terms and conditions hereof