Cosmetic Surgeons Insurance
Danny Gumm of Parmia has spent the past three to four years working closely with the Australasian College of Cosmetic Surgery (ACCS) on a solution to the ever-increasing Medical Indemnity Insurance costs for doctors in cosmetic practice. Many differing alternatives were investigated, ranging from an Industry Self Insurance program, introduction of an international insurance agency, submissions from each of the existing Medical Defence Organisations, and many more.
We are pleased to announce that Parmia now has access to a specifically tailored arrangement negotiated between the ACCS and Medical Insurance Group Australia (MIGA). We wish to emphasise that this arrangement has not been based on cost alone, but in addressing key risk exposures affecting the frequency and cost of claims and/or circumstances that have been made against doctors in cosmetic practice. Only by improving patient outcomes can the industry reduce the frequency and cost of claims and circumstances , to the benefit of all concerned.
The benefits of the MIGA arrangement for doctors in cosmetic practice include but are not limited to:
- A premium discount over MIGA’s already competitive premiums in return for doctors individually agreeing to enroll in MIGA’s Interactive Risk Management (IRM) Program and implementing a range of formalised Risk Management Material in their practice;
- The Risk Management Material, which has been developed in conjunction with the ACCS, focuses on the key areas of risk that MIGA has identified from their claims analysis and will be provided to doctors who join MIGA under the arrangement;
- Doctors who join MIGA under the arrangement and who fully complete MIGA’s IRM Program will be entitled to an additional 10% discount off their base insurance premium (net of any up-front discount) in the following year, if they renew their Medical Indemnity insurance with MIGA and re-enroll in MIGA’s IRM Program;
- Full Retroactive cover is provided for claims arising from prior acts, other than in relation to claims, circumstances or incidents already notified to current or prior insurers;
If a doctor permanently retires from medical practice before age 65, they can only access the Federal Government Run-Off Cover scheme (ROCS) once they have been permanently retired from private medical practice for 3 years, or when they reach age 65, whichever occurs first. MIGA offers ROCS Gap cover to doctors who have been members of or insured with MIGA for a continuous period of 5 years (most other insurers are 10 years) and who are aged under 65.
Parmia brings Industry Award Winning service to our clientele, having been recognized by the Aesthetic Industry in being presented with “2007 National Award of Excellence – Services to the Industry ”. With up to 30 years experience in dealing with both the Australian and Overseas Insurance markets, Danny Gumm has successfully specialised in providing Risk Management and Insurance solutions in the Aesthetic Industry for over fifteen years.
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