- How do claims made benefits work?
Your membership is on a claims made basis. This means you will only be entitled to request benefits of membership (such as reporting a claim) if you remain in MDU membership, or have paid additional subscription for the continuing right to request benefits if you leave or retire.
Please note, you should have no expectation that MDU assistance will be afforded beyond an aggregate of €10million for matters notified in any one membership year. Furthermore you should have no expectation that MDU assistance will be afforded beyond an aggregate of €10 million in respect of any claim against more than one member (including you) which arises from the same incident or same set of circumstances.
- Will I have to make a closing payment if I retire?
If you want the peace of mind of knowing you can continue to request assistance after you retire, for a claim or complaint arising from an incident which happened when you had claims made benefits you will need to pay an additional subscription, also known as an extended reporting period or closing payment.
You would also have to pay for an extended reporting period to be able to continue to request benefits should your state of health mean you are unable to continue working.
If you die, your personal representatives may make a closing payment to allow them to continue to request benefits for your estate.
- How long do I have to decide if I want to make a closing payment to allow me to continue to receive benefits after I leave the MDU, retire or become unable to work for health reasons?
You will need to apply before your membership of the MDU expires. The MDU does not guarantee to offer an extended reporting period to all who apply. Former members who have had their membership terminated by the MDU should have no expectation that they will have their application for an extended reporting period accepted.
If you are planning to retire within the next 12 months, please let our membership team know in advance so we can provide you with a quote for the cost of an extended reporting period. Knowing the cost in advance can allow you to budget.
- How much will my closing payment be?
The size of the closing payment will depend on the number of years that you have held claims made membership and the extent and nature of your practice during these years.
- If I or my personal representatives make a closing payment, will that provide access to unlimited benefits?
You or your personal representatives should have no expectation that MDU assistance will be afforded beyond an aggregate of €10million over a 10 year period after you leave MDU membership, retire permanently, die or become permanently unable to work for health reasons.