A leading tele-psychiatry organisation based in London approached Servca for a bespoke medical malpractice solution. The organisation required coverage for international patient consultations, group indemnity for all their psychiatrists, and protection against cyber liability exposures.

Navigating Insurance Hurdles

The clinic faced several significant challenges in securing appropriate insurance coverage:

1. International Patient Consultations: Under UK law, telepsychiatry practices that consult with international patients must ensure their medical malpractice insurance covers all jurisdictions where patients are located. Existing insurance solutions often fall short in providing adequate international coverage, exposing the clinic to potential legal risks and claims from foreign patients. Without proper coverage, the clinic risked facing lawsuits and regulatory penalties outside the UK, which could lead to significant financial and reputational damage.

   
   

2. Scalability Concerns: The clinic needed a policy that could grow with their business, allowing for the seamless addition of new doctors as the organisation expanded. Many insurance policies in the market are rigid, making it difficult for growing practices to maintain comprehensive coverage without incurring significant additional costs or diluting the coverage offered. The inability to easily scale insurance coverage as an ‘All in one solution’ could hinder the clinic's growth and operational efficiency, as adding new practitioners could become a cumbersome and expensive process.

   
   

3. Inadequate Existing Coverage: The clinic's current insurance policy did not provide sufficient protection, particularly in the realm of cyber liability. The clinic had a massive reliance on digital platforms for patient consultations and data storage leaving them vulnerable to cyber threats. Cyberattacks can result in data breaches, leading to the loss of sensitive patient information, legal liabilities, and substantial financial costs associated with mitigating such breaches. Furthermore, a cyber event can often lead to delays in providing care to patients (where data is locked) that could ultimately result in a patient’s health deteriorating and could therefore manifest as a claim for delayed treatment or exacerbating symptoms.

   
   

4. Lack of Group Indemnity Options: They were unable to find a policy that covered all their psychiatrists under a single group indemnity plan. Group indemnity policies are crucial for streamlining administration and ensuring uniform coverage across the entire team. Without this, the clinic faced the challenge of managing multiple individual policies, each with potentially different terms and renewal dates, complicating the management of their insurance portfolio.

   
   

5. Competitive Premiums: The clinic required a cost-effective solution, as current premium rates were prohibitively expensive. High premiums can strain the clinic's budget, limiting their ability to invest in other critical areas such as technology, training, and patient care.

Our Optimised Insurance Solutions

Servca provided a tailored solution to address the clinic's main exposures by structuring a comprehensive policy covering all identified risks. Our approach included:

1. International Coverage: We developed a consenting process to safeguard international patient consultations and identified an insurer capable of covering all key exposures globally. This ensured the clinic was protected against claims from any jurisdiction, mitigating legal and financial risks associated with international consultations.

   
   

2. Scalability: Our policy offered flexibility to add additional doctors as the clinic scaled. This scalable solution allowed the clinic to grow without the burden of renegotiating terms or facing significant cost increases, ensuring continuous and comprehensive coverage as new practitioners joined the team.

   
   

3. Cyber Liability Protection: We included robust cyber liability coverage to protect against data breaches, cyberattacks, and other digital threats. We also included cover cross-over cover to include protection for Medical Malpractice claims that manifest from cyber events e.g. ransomware locking patient files and notes.

   
   

4. Group Indemnity: We secured a group indemnity policy covering all the psychiatrists under a single plan. This streamlined the administration of their insurance, ensuring consistent coverage and simplifying policy management.

   
   

5. Cost-Effectiveness: We negotiated competitive premium levels significantly lower than their current providers. This cost-effective solution allowed the clinic to allocate resources more efficiently while maintaining comprehensive coverage.

Delivering Customised Indemnity Solutions

By delivering a customised indemnity solution, Servca successfully met the clinic's needs. The policy provided:

• Comprehensive protection

• Competitive pricing

• Flexibility for future growth

• Enhanced ability to consult with international patients

• Robust protection against cyber threats

• Streamlined insurance administration with group indemnity

Our Commitment to Broker Clients

As a specialist independent broker, Servca dedicates time and care to understanding the bespoke coverage needs of our clients. We avoid generic outcomes by conducting an initial deep dive into risk assessment, often uncovering critical gaps in coverage and opportunities to tailor bespoke solutions that better serve our clients, especially those needing to adhere to complex regulatory requirements.

To learn more about our approach and how we can support your client's insurance needs, please get in touch with us.