Examining collegiality in Saskatchewan - Saskatchewan Medical ...
Examining collegiality in Saskatchewan - Saskatchewan Medical ...
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<strong>Medical</strong> office property <strong>in</strong>surance: Know your limits<br />
By Doré Collett<br />
If your power goes out and your vacc<strong>in</strong>es<br />
are compromised, if your office<br />
gets broken <strong>in</strong>to, or if your laptop goes<br />
on the fritz... are you fully covered?<br />
Almost all of the office <strong>in</strong>surance policies<br />
sold by <strong>in</strong>surers are ‘all risk’ or<br />
‘comprehensive’ package policies.<br />
These are the broadest types of policies<br />
available <strong>in</strong> the marketplace. They<br />
cover various types of losses due to<br />
fire, theft, water and w<strong>in</strong>d damage, and<br />
mysterious disappearance. They also<br />
provide coverage for general liability,<br />
loss of bus<strong>in</strong>ess <strong>in</strong>come, and crime.<br />
While these plans may appear to be the<br />
same, all of these packages have special<br />
limits. Insurers place these limits<br />
<strong>in</strong> policies to avoid exposure to certa<strong>in</strong><br />
types of situations that tend to suffer<br />
more frequent losses.<br />
The SMA <strong>Medical</strong> Office Property Program<br />
has been designed to better suit<br />
medical offices and our members’ needs.<br />
The program takes advantage of group<br />
buy<strong>in</strong>g power to provide superior coverage<br />
and more competitive premiums<br />
for medical office property and liability<br />
<strong>in</strong>surance – with fewer limits.<br />
Compared with the <strong>in</strong>dustry standard,<br />
the SMA program highlights <strong>in</strong>clude:<br />
$5 million commercial general liability<br />
protection<br />
This is covered <strong>in</strong> the package premium.<br />
The <strong>in</strong>dustry standard is about $1 million<br />
of protection.<br />
$25,000 off-premises consequential<br />
loss coverage<br />
As an example, if you have flu vacc<strong>in</strong>es<br />
stored <strong>in</strong> a fridge, this coverage would<br />
provide protection <strong>in</strong> the event that<br />
there is a power cut at a public utility<br />
plant that results <strong>in</strong> a change <strong>in</strong> temperature,<br />
thus spoil<strong>in</strong>g your vacc<strong>in</strong>es.<br />
It is not standard practice to cover any<br />
amount <strong>in</strong> this case.<br />
$5 million for tenant legal liability<br />
Landlords require their tenants to carry<br />
this <strong>in</strong>surance as protection if the<br />
tenant is found legally liable for property<br />
damage to the build<strong>in</strong>g. This high<br />
liability limit is <strong>in</strong>cluded <strong>in</strong> the package<br />
premium. The <strong>in</strong>dustry standard is<br />
about $1 million of protection.<br />
$50,000 coverage for valuable papers<br />
This <strong>in</strong>surance covers the cost of recom-<br />
WEALTH<br />
pil<strong>in</strong>g or retyp<strong>in</strong>g your medical files if<br />
they are stolen or damaged. The <strong>in</strong>dustry<br />
standard is $10,000 coverage.<br />
$5 million for non-owned auto liability<br />
If an employee needs to use his or her<br />
own vehicle for bus<strong>in</strong>ess-related tasks,<br />
he or she would be covered. This coverage<br />
provides a high liability limit to<br />
protect your bus<strong>in</strong>ess should your employee<br />
be found liable for caus<strong>in</strong>g bodily<br />
<strong>in</strong>jury or property damage to a third<br />
party. Standard practice is that this<br />
would not automatically be covered.<br />
“When compar<strong>in</strong>g packages, an office<br />
<strong>in</strong>surance policy conta<strong>in</strong><strong>in</strong>g generous<br />
special limits provides the best value<br />
for your <strong>in</strong>surance dollars and can have<br />
a significant impact on the size of the<br />
payout follow<strong>in</strong>g a loss,” expla<strong>in</strong>s Ed<br />
Hobday, SMA adm<strong>in</strong>istrative director.<br />
“We were so impressed with the reasonable<br />
premiums offered <strong>in</strong> this package<br />
that we decided the SMA office<br />
should have the same coverage.”<br />
With premiums start<strong>in</strong>g as low as<br />
$500 per year, this program comb<strong>in</strong>es<br />
all of the most necessary coverage<br />
<strong>in</strong>to one package for your medical office.<br />
Discounts are available for offices<br />
equipped with burglar alarm systems<br />
or spr<strong>in</strong>kler systems. Commercial<br />
build<strong>in</strong>g coverage is also available.<br />
The SMA <strong>Medical</strong> Office Property Insurance<br />
Program is available through Mardon<br />
Group Insurance. For more <strong>in</strong>formation,<br />
visit the Mardon Group Insurance website<br />
at www.mg<strong>in</strong>s.ca (user ID: SMA, Password:<br />
Insurance) or call 1-866-846-4467.<br />
To learn more about the various tailored <strong>in</strong>surance<br />
products available to SMA members,<br />
contact C<strong>in</strong>dy Anderson, Senior Insurance<br />
Adm<strong>in</strong>istrator at (306) 244-2196.<br />
SMA News Digest Spr<strong>in</strong>g 2011 15