Quick Guide to Doctor's PI

Professional Indemnity Insurance for Doctors

Doctors, while rendering the service attend to a large number of patients on a daily basis. They are responsible for making decisions related to patients' diagnosis, they prescribe medicines, advise treatments and even conduct surgeries. These decisions are very important and critical for patients' well-being.

A minor medical negligent mistake committed by the doctor while performing the duties might impact patient's health adversely. Such cases often lead to patients suing the doctors in court and court may award huge compensatory damages which the doctors may not be able to afford. Here comes the need of a Doctor's Professional Indemnity Insurance Product.

Professional indemnity insurance for doctors (also known as Medical Malpractice Insurance) is one of the types of liability insurance policy specifically designed for Doctors. It covers defense costs and compensatory damages which arise due to any error committed while rendering the service in your professional capacity as a Doctor.

A Doctor's PI insurance policy provides protection to doctors against claims arising out of injuries and/or death of any patient caused by or alleged to have been caused by error, omission or negligence in professional services.

Features of a Doctor's Indemnity Insurance Policy

Some of the important features, terms and conditions of a Doctor's Indemnity Insurance Policy are given hereunder:

1. Applicability

   This insurance policy covers legal liability arising from errors and omissions on the part of registered health care practitioners while rendering the service.

2. Standard Proposal Form

   Insurers obtain dully filled and completed standard proposal form at inception and at subsequent renewals.

3. Standard Policy Form

   All policies fresh and renewal, both, are issued in the standard policy forms prescribed by the insurance companies.

4. Premium

   The premium rates under this policy are charged annually. Full premium under this policy has to be paid at the time of inception.

5. Retroactive Date

   Retroactive Date coverage provides risk insurance cover from the date when the policy is first time bought by the doctor under a claims made policy and thereafter has been renewed without any break in policy.

6. Compulsory Excess

   All policies issued under professional indemnity insurance agreement are subject to a mandatory excess (also, called compulsory deductible). It is generally mentioned as a fixed percentage of the limit of indemnity as per any one accident or any one year subject to a minimum amount agreed by the insurer, for each and every claim.

Inclusions

• Claims arising out of bodily injury of any patient caused by medical negligence, error or omission
• Claims arising out of death of any patient caused by medical negligence, error or omission
• Covers legal liability including defense cost to reply to legal notices
• Covers compensation for claims arising as a result of verdict from court
• Cost of representation
• Omission
• Medical negligence while rendering the professional services

Exclusions

• Third party public liability
• Punitive & Exemplary Damages
• Fines & Penalties
• Pure Financial Losses
• Any criminal act, violation of law/ordinance
• Services while under influence of intoxicants/narcotics
• Liability arising out of hair weaving, punch grafts, flap rotations and pure cosmesis procedures