The Dentists Act 1984 (Amendment Order) 2005 introduced the need for all registrants to have adequate and appropriate professional indemnity. This became a legal requirement with the 2015 Rules, reducing the likelihood of a dentist being uninsured and unable to pay compensation. It also gave the GDC clear powers to treat any lack of indemnity as misconduct.
Choosing your professional indemnity arrangement is one of the most important decisions that you will make in your professional life; apart from the obvious financial consequences, it can make the difference between being able to continue practising or not. This is a personal choice, with personal consequences; it is not a purchase that should be determined by price alone. No two indemnity products will be the same, so any price comparisons will not be on a like-for-like basis.
This advice intends to help you understand the key differences between the various indemnity products and make a properly informed and considered decision for yourself. It explains:
- Contractual insurance and discretionary indemnity
- Occurrence-based and claims-made cover and the limitations of each
- The need for appropriate advice and support
- Financial security and oversight of insurance and discretionary providers
- The different approaches of profit and non-profit making.