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
Inform Your Insurer
First thing first, inform your Insurer immediately of all the available details.
Submit all the relevant documents
Submit all the documents related to the case along with the legal notice or summon, if any.
Claim Settlement
Your Insurance Company will thoroughly look into the matter and arrange for the defence of the particular case, whenever required.
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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