Aggregate

An aggregate limit is the cumulative Limit that applies to all claims within the Policy Period. Underwriters are liable to pay all claims notified within the Policy Period up to the stated Aggregate level.

Broker (Insurance)

A person who is paid to act as an agent to negotiate contracts (of insurance) for clients.

Cap

The upper Limit on the benefit available under an insurance policy for any given claim.

Claim

Any event, or series of events arising from one originating cause and for which the Insured is required to give notice to Underwriters.

Claims Made Policy

Claims made insurance policies require the insured to hold the policy both at the time of the incident giving rise to the claim and when the claim is made. Policies may include extended reporting periods allowing policy holders to claim on the policy for a specified time after the policy has lapsed.

Claims Incurred Indemnity

Occurrence based indemnity requires the indemnified individual to be in good standing (for example paying the correct subscription according to specialty and income band) at the time of the incident giving rise to a claim but not when the claim is made.

Clinical Negligence Claim

A claim from a patient of their representative for financial compensation for harm caused though failure to provide an adequate standard of care.

Complaint

A complaint is an expression of dissatisfaction with the service provided. In the NHS complaints are managed in accordance with the NHS Complaints Procedure, and many private sector hospitals have adopted a procedure devised by the Independent Healthcare Advisory Service (IHAS).

Contract

A binding agreement between two or more parties that is enforceable in a court of law.

Costs Inclusive

The Excess under a malpractice Policy is “costs inclusive”. Even if no payment is made to the claimant, the Insured will be expected to contribute to the costs of defence up to the level of the Excess. The level of the Excess will be stated on the Policy of Insurance.