Every Doctor Should Be Aware of Professional Indemnity Cover:

•     Why insurance offer?

·        Increasing awareness in individuals about risks faced in one’s professional and personal life.

•     Why professional indemnity for doctors?

A professional indemnity insurance cover provides a sense of comfort and security to the doctor

·        Customers today are increasingly aware of their rights

·        Consumer Forums are even more active

·        Courts in most instances always favour patients

•     Professional Indemnity Insurance:  It is the custom made cover for doctors

·        General Physician

·        Specialists / Consulting Physician

·        Surgeons

·        Dentists

•     Covers legal liability, associated costs due to

·        Claim arising whilst in practice

·        Bodily Injury to the patient

·        Death of the patient

•    Covers act of:

·        Error

·        Omission

·        Negligence

•  Covers

·        Legal award / out of court settlement

·        Legal Expenses – During Legal Suit

·        Defence / Prosecution

·        Investigation Cost

·         

Professional indemnity Categories:

•      Category A

·        Physicians without dispensing facilities (GPs)

Ø  Category B

·        Specialists

·        Consulting Physicians

Ø Category C

·        Surgeons

·        Dentists

·        Radiologists

·        Pathologists

Professional indemnity – Exclusions:

Ø Does not cover

1.     Unregistered practitioners / unrecognized practitioners, Gynecologists.

2.     Liability arising out of

·        Cosmesis (Plastic Surgery)

·        Hair Weaving

·        Consequential Loss

·        Punitive / Exemplary Damages

·        Fines and penalties

·        Pure financial loss

·        Any criminal act, in violation of any law / ordinance

·        Services while under influence of intoxicants/ narcotices

  

CLAIMS EXAMPLES

• Parents of a deceased Bangalore teenage boy Abhishek Ramesh, 16, died of an overdose of anaesthesia administered to him at a multi-speciality hospital. The parents of the teenage boy have accused "medical negligence" due to which their son died.

• A premature baby suffers brain damage from oxygen deprivation when a  resident delays care a few hours after birth. Plaintiff verdict against the hospital: $90.3 million.

•  Breast cancer spreads to the bones and liver of a woman because mammogram results do not reach her in the mail. Plaintiff verdict against doctor and hospital: $8 million.

•  A nurse fails to administer a prescribed antibiotic to a 53-year-old man prior to surgery for an obstructed bowel. The patient develops gangrene and requires amputation of both of his legs below the knees. Plaintiff verdict against the hospital: $4.7 million. Premium Details:

•  Professional Indemnity – Doctor Categories

For more details : Write to me contactus@moneymintingmantra.com or WhatsApp : 9008949456

Disclaimer: This article is for general reference reading.

Source: ICICI -GI