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BADN responds to GDC insurance statement

BADN in conjunction with its insurance broker advisers, Trafalgar Risk Management, recently undertook a review of the indemnity insurance options available to members. Following this review, we changed our indemnity provider to CFC Underwriting Ltd to ensure members have access to purchase indemnity insurance via the BADN website, although this is not compulsory as you are entitled to make your own separate arrangements. This scheme has been specifically negotiated for BADN members and will continue to be reviewed.

The benefits of the scheme can be found at: http://badn.org.uk/sign-up/

We are pleased that the GDC has made their recent statement. We understand that insurance policies do contain exclusions, which is why we make the Medical Malpractice insurance policy wording and the Legal Expenses Policy wording available on our site for you to review before purchase. We agree that you should be able to read through the wordings to give you confidence in the indemnity you are purchasing.

There are also other comfort areas in using an insurance approach, which are important to point out against the alternative ‘discretionary’ cover options available. The Financial Conduct Authority regulates the insurance brokers and the insurers we use. They have certain codes of conduct to abide to, including treating customers fairly. If they do not then you can make a complaint and if you are dissatisfied with the response you receive from the broker or insurer, you may be able to take the matter to the Financial Ombudsman Service. If you feel that you prefer to take your complaint to court then the insurance policy is a contract of insurance and you can legally pursue the insurer to fulfill that contract.

Should you decide to use a ‘discretionary’ cover provided, please check what options are available to you in the event you want to make a complaint or are dissatisfied with their response to a loss.

As well as exclusions you may also want to consider the indemnity providers financial strength as well. CFC Underwriting Ltd uses underwriters who operate from the Lloyds of London specialist insurance market who have a Standard and Poor’s credit rating of A+. The Legal Expense Insurance wording is subject to the Financial Services Compensation Scheme up to 90% of the claim, subject to entitlement.

If you have any queries regarding any of this, then please do not hesitate to contact us.