Medical Indemnity Insurance
  • Safeguards your Medical Profession
  • Covers Legal Costs & Expenses
  • Provides Compensation to the Patients

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What is Medical Indemnity Insurance?

Medical Indemnity Insurance is a type of insurance that is designed to safeguard medical practitioners like doctors, nurses or surgeons from legal claims. In simple words, this policy liberates you from all the risks and liabilities that may arise while performing surgery or any medical-related activity.

To understand Medical Indemnity Insurance, let’s take an example of one of the most popular Bollywood movies- Good Newz, where two married couples were unsuccessful in conceiving and tried seeking medical help for the same. However, they had ended up in a complicated situation due to the blunder made by their doctor.

In such a situation, where the patient faces any such issues due to the doctor’s or hospital’s unintended mistakes, he/she can file a claim, and the authorities are liable to pay him/ her the compensation.

In short, Medical Indemnity Insurance provides coverage in the below-mentioned cases:

  • If a patient or any third-party files a claim for any injury or harm
  • Legal costs and expenses in defending the claim
  • If compensation is payable to the patient

Why is Medical Indemnity Insurance important?

As a doctor or any medical professional, it is your duty to treat your patients with utmost dedication. However, at times, in some circumstances, there is always the possibility that you or one of your team members could make a mistake unintentionally, which could create trouble.

In such scenarios, if the claim is made against you, your goodwill and your financial position could be left vulnerable.

To avoid such situations in the future, it is important to guard against the risk of legal action against you in advance with a Medical Indemnity Insurance plan. Such plans act as the safety net that will protect you from such severe actions by covering claims made against you.

Who Is Eligible to Get Coverage under Medical Indemnity Insurance?

Medical Indemnity Insurance is a cover relevant to all Healthcare Providers, including:

  • Medical Practitioners such as physicians, surgeons, cardiologists, pathologists etc.
  • Individual practitioners
  • Obstetric scanning
  • Aesthetic cosmetic practitioners
  • Mental Health clinics
  • Medical staff suppliers

What is Covered in this policy?

  • The plan covers the registered Medical Practitioners against the legal liabilities and any claims that arise due to accidents, or unintentional mistakes made by the Medical Practitioners.
  • The policy pays for the defence cost, in case the doctors or authorities wish to defend the case.
  • Under this plan, one can insure other consulting doctors as well as employed assistants. Not only this, the unqualified staff members like peons and sweepers who work in the clinic can also get coverage for ant errors, omissions and negligence on their part.

Exclusions

  • Medical treatment given for plastic surgery, weight loss & conditions associated with AIDS
  • Medical procedures conducted under the influence of alcohol or narcotics
  • Loss of goodwill
  • Criminal Acts

Claim Process

  1. Inform Your Insurer

    First thing first, inform your Insurer immediately of all the available details.

  2. Submit all the relevant documents

    Submit all the documents related to the case along with the legal notice or summon, if any.

  3. Claim Settlement

    Your Insurance Company will thoroughly look into the matter and arrange for the defence of the particular case, whenever required.

Written By : Naval Goel

Last Updated : Aug, 2021

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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FAQ's

1. How much Sum Insured is enough for Medical Indemnity Insurance?

Before choosing your ideal Medical Indemnity cover, you must ensure to cautiously evaluate the risk involved in your profession. Therefore, one must always select the sum insured that will cover any legal compulsion that you may have to face at any point of time.

2. Does a Medical Indemnity plan offer coverage if the patient makes false acquisitions?

Yes, in case a patient makes any false acquisitions against the doctor, the plan offers coverage to the doctor and also covers the expenses incurred in defending the claim.

3. Is Medical Indemnity compulsory?

No, it is not mandatory for doctors to buy Medical Indemnity Insurance. However, considering the nature of the risk of the medical profession, it is recommended to opt for a Medical Indemnity Plan.

4. What is the limit of indemnity applicable under the policy?

The Sum Insured of Medical Indemnity plans is based on the limit of indemnity. The limits are:

  • Any One Accident (AOA): limit applicable for a single incident. It is the maximum payable amount during a claim
  • ‚ÄčAny One Year (AOY): limit applicable for the policy period

Ratio of the limit can be chosen as the below-mentioned details-

  • 1:1
  • 1:2
  • 1:3
  • 1:4

Summing it up

In today's world, unwanted claims can cause a significant threat to the financial security for a medical practitioner. In such a situation, having Medical Indemnity Insurance is nothing less than a blessing. This plan secures you from the claims caused by unintended negligence or any accidents.

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