What is Medical Indemnity Insurance?
-Medical Indemnity Insurance is designed to help legally and financially to the Doctors who make a professional mistake with the patients. It helps to protect them against claims of professional negligence where it’s not completely their fault.
-It basically covers all the Legal fees and court awarded damages or compensation and settlement which have to be paid against claims arising out of:\
- Medical malpractice allegations / legal suits (Errors & Omissions in practice).
- Loss of third party documents (cost of reinstatement of documents
- Breach of confidentiality allegations.
Entity who needs MII
1)Medical graduate working as a resident doctor
2)Practicing medical professional
3)Specialist in any particular specialized field.
4)Or any person working with a Hospital have one of his own practice
Need for Medical Indemnity Insurance
- There are chances that working as a medical practitioner with good Samaritan there could be a chances of an error and have to be alleged.
- Being a professional the medical practitioner will be held liable. Here the Medical Indemnity Insurance acts as a protection against all such odds in case of any negligence or allegation related to professional services.
- It will cover lawsuits expenses and will pay the settlements and awards whenever it’s applicable.
Coverage under the assurance
It offers cover to Medical Practitioner on following aspects:-
- Insurance extended to other qualified employees, unqualified employees, and partners in the same practice.
- Extent of financial damage or loss to the victim which is not a result of willful neglect.
- Cost of defending oneself in the court of law.
- Unintentional errors and omissions.
Exclusion of Medical Indemnity Insurance
The Indemnity insurance doesn’t cover against the claims in the given below reasons-
1) Medical treatment for weight loss, plastic surgery, genetic damage etc.
2) Any medical condition related to AIDS.
3) Willful neglect, deliberate act with intentional non- compliance.
4) The act of medical practice done under influence of narcotics or alcohol.
5) Penalties, criminal acts, fines and exemplary damages.