Operational reminder for Medical Experts - Financial Instruments / Bonds
Published: 9 March 2023
Following the recent liquidation of a Tier 2 Medical Reporting Organisation (MRO) medical experts working with MROs should take note of the following.
- The amount of security is set by the Ministry of Justice and stipulated in the MRO qualifying criteria.
- The security amount is currently £20,000 for T2 MROs and £100,000 for T1 MROs.
- These amounts are the maximum payable for the total of all claims submitted to the security bond provider (i.e. not for each individual claim)
- All security bonds (financial instruments) are provided by third parties who have no links with MedCo.
- Any claims under the security bond have to be made directly to relevant bond provider.
For more information relating to Financial Instruments / Bonds please refer to the following documentation.