Business and financial Understanding your cover T
Neil Taylor explains what makes Taylor Defence Services different Prima facie professional
aylor Defence Services (TDS) launched in March 20ı2 and has had massive
interest. A few telephone calls, meetings and ı8 months later the company is growing at a remarkable rate. Dentists now phone and ask to join as they have heard what is actually on offer. Approximately 95 per cent
of all TDS clients have met with me and discussed their requirements, rather than just signing for cover as they qualify. Having my mobile telephone always switched on and being available at anytime has been crucial to the develop- ment of the business.
liability insurance and profes- sional indemnity look the same, however, there are so many differences it would be difficult to list. There appears to be an element of competition with respect to pricing for cover. This is not the intention of TDS as the prices were fixed with insurers after lengthy negotia- tions. I have no input in this at all. Cost comparisons are, in my opinion, very dangerous as the product being compared is very different to indemnity products. TDS currently charges £50
per dentist per annum for service provision, thereafter introduction to a policy of insurance. It is a legal require-
ment if you are a client of TDS that you purchase a full binding policy of insurance compliant with GDC regulations, UK and European Law. Currently, as a dentist in Scot-
land you can either purchase professional liability insurance, such as introduced by TDS, or an ‘indemnity arrangement’ as this will now be the new section 26A(d) to the Dentists Act ı984 as amended from the previ- ously titled and to be enacted section 26A ‘insurance’. Purchase of an insurance
policy with retroactive cover means that from the date of signature all work carried out in the past is covered within the terms of the policy. This is not the same as an indemnity
arrangement as some indem- nity arrangements do not cover work retroactively. At retirement, the policy will
afford five years of free run-off cover, after which you can purchase more if necessary – currently £ı00 per annum. At TDS there are no hidden costs. Inferences that discretionary indemnity products are better than a full binding policy of insurance is very concerning.
Scottish Dental magazine 75
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