Professional Indemnity Insurance for Doctors

Indemnity Cover for Doctors

Medical indemnity insurance for doctors provide coverage for the following perils:

• The nature and scope of coverage vary with the profession. For medical professionals like physicians, cardiologists, pathologists, and surgeons
• The indemnity policy for doctors protect against the legal charges claimed by the patient due to death or any bodily injury.
• The policy also covers the defense cost, where the insured can add other consulting doctors, partners or assistants working under them.
• The policy provides coverage against unintentional omissions or errors.
• It protects against the cost of defending oneself in a court of law.

Doctor’s Professional Indemnity Insurance: Exclusions

Professional Indemnity Insurance for doctors does not provide coverage for the following perils:

• Medical treatment for plastic surgery, weight loss, genetic damage, and any conditions related to AIDS.
• Penalties, disciplinary, criminal acts, fines, and exemplary damage.
• Deliberate act, intentional non-compliance, willful neglect.
• Medical practice is done under the influence of narcotics or alcohol.

Survey

As per the recent survey conducted by National Law University, Bengaluru, there has been an escalating rise of 400% in cases associated with medical negligence filed in consumer court. 

Even though, 10-15% of cases are genuine the rest 85% of cases are left to defend for themselves. Thus, the need to be legally and financially insured is gaining popularity to protect doctors against any type of legal claim.

Compensation from the Insurance Company

The sum assured offered by the medical indemnity for Doctors is referred to as a limit of indemnity and is defined as per policy period and accident. It is called Any One Accident limit (AOA) and Any One Year limit (AOY). 

The insured person needs to choose the ratio of AOA and AOY while purchasing the policy and based on that the coverage is offered against the legal claim for each accident or incident of negligence.

Professional Indemnity Insurance for Doctors: Eligibility Criteria

• Individual doctors can apply
• Applicant should have zero claim history

Claiming Process Under Professional Indemnity Insurance for Doctors

Follow the steps below to raise the claim under Indemnity Insurance:

• Step 1: Immediately inform the insurer
• Step 2: Please ensure that you submit a completed claim form and all relevant supporting documents, such as medical reports
• Step 3: Cooperate with the insurer during the investigation of your case
• Step 4: Attend any cross-examinations or interviews as required by the insurer
• Step 5: Submit hard copies of the required documents
• Step 6: If the insurer accepts the claim, follow the settlement agreement terms.
• Step 7: Make sure to stay in touch with the insurer to stay updated on the claim settlement process.

Conditions Related to Claim Settlement

When it comes to professional indemnity insurance for doctors, the policy pays the agreed-upon sum assured amount for a specific cover. It's important to note that any expenses beyond that limit will be the responsibility of the medical practitioner. The cover offered to the practitioner is determined based on various factors, such as the level of risk associated with their practice and the likelihood of situations that could result in a lawsuit.

Professional Indemnity for Doctors: FAQs