ICICI Lombard General Insurance has come out with a new indemnity insurance policy, specifically for doctors. This new insurance policy has been classified under the Small and Medium Enterprises (SMEs) category. According to the insurer, the policy covers all legal liability incurred during investigation, cost of lawyer’s representation, compensation for claims, omission, as well as negligence, while conducting professional services.
Why Did They Launch This Policy?
ICICI Lombard has said that as a professional service provider, it understood that doctors were uniquely vulnerable to human errors, and could be held liable by their patients. This was the reason why they launched such an insurance policy, so that necessary legal and financial assistance could be provided to medical practitioners, if any error occurred during the course of the services rendered.
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“Doctors and healthcare professionals are prone to uncertainties and risks while they are at the forefront to save lives. Error, omission, or at times, unintentional negligence are a part and parcel of their professional life,” says Sanjeev Mantri, executive director, ICICI Lombard.
What Are The Features Of This Policy?
This new policy launched by ICICI Lombard covers all specialisations, and also provides an instant policy number issuance facility. There is also a legal counsel services support in case the policyholder needs assistance during claims.
ICICI Lombard has said that the premiums have been set keeping in mind the dynamic market conditions, and the unique requirements of doctors who might need it.
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“As a company, we are inclined towards protecting the interests, and providing the best financial and legal security to medical practitioners, as they truly deserve the same,” adds Mantri.
In the event of a lawsuit against medical practitioners covered under this policy, every legal defence costs incurred during the investigation process, including the cost of representation will be provided. Compensation for claims arising out of bodily injury or death caused due to an error, omission and negligence of the insured medical practitioner will also be provided.
This policy will also provide coverage against invalid claims where it has been found that the insured medical practitioner was not at any fault, but still had to pay the legal fees and settlement compensation against the claims awarded by the court.
This policy will also cover all such cases of medical malpractice allegations and legal suits which result from the breach of confidentiality contract agreements.
“Any aggrieved person possesses the right to claim damages for medical negligence against them. In such cases, our professional indemnity insurance safeguards doctors against all professional risks, such as legal defence costs, compensation claims, injury among others, as well as against invalid claims,” adds Mantri.
Who Can Buy This?
The following people can buy this policy:
- Medical graduates working as a residential doctor
- Practising medical professionals
- A medical specialist, who is working in a specialised field of study
- Medical practitioners, who are working with a hospital, or, have their own private practice
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Where To Buy This Policy?
The policy can be bought online at here and at all ICICI Lombard agents and policy distributors.
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