Insurance has become a major issue for needle exchanges. Kerry Thompson, head of services at Exeter Drugs Project has written a briefing paper based on their experiences.
Below is a summary of contacts, our findings and information following our insurance renewal process. I hope this is helpful to you, do not hesitate to contact me on 01392 666734 if I can be of any support.
Insurance Brokers W. Denis are recommended by the following organisations:
Others contacts kindly passed on were:
Establish your cover requirements & identify any differences between covers e.g. for Professional Indemnity, Professional Liability, Medical Malpractice cover… Consider matching your indemnity/liability limits for each policy e.g. £5,000,000.
Be prepared to provide a lot of information. This will allow the brokers/underwriters to cover activities fully and appropriately, categorise and apportion risk more accurately and provide a more acceptable premium. The level of detail, breakdown and costs included:
Note the context of your indemnity cover e.g. financial loss or malpractice. It may not be obvious from the application, and you may require both.
Note exclusions, they can make your policy worthless. For example, in malpractice terms bodily injury in some policies includes mental anguish and emotional distress that may not adequately cover any form of counselling techniques that may be used.
Check HIV or Hepatitis exclusions.
Special extensions may be required e.g. breach of confidentiality that can be added for an additional premium.
Some “charitable” covers provide Trustee Indemnity as part of the package, remember that Charity Commission approval is required.
Expect your premium to jump, our quotes ranged from £7,300 to £10,500 + Insurance Premium Tax (IPT) at 5%. (Nov 04.)
Check if it is a claims made policy.
Try to get cover together as it is not good practice to split cover between different policies. The policies in place should support each other.
Find out why your policy can no longer be renewed. It may not just be risk.
Make reference to any schemes in which you participate e.g. EnCAMS.
Think about other people you may not instantly consider for cover e.g. cleaners.
Provide your broker with as much information as possible. It will ensure they understand your needs and can manage your insurance portfolio to guarantee your cover in every respect.
This process takes a long time. So if your renewal is due soon, start this now!