Professional Negligence Errors and Omissions Insurance Policy For Medical Establishments
Brief Description
The Policy will indemnify the Insured in respect of any act committed by the Professionals or Qualified Assistants named in the Proposal engaged by the Medical Establishment which gives rise to any Third Party Legal Liability. Such activities will be part of the declared medical activities of the establishment. Such an act would have taken place in the duration of the Policy commencing from the retroactive date. In the normal course all claims for compensation have to be legally established in a Court of Law. Only Indian Law shall be applicable to such action. The Limits of Indemnity would be to any one year limit under the policy. Short period policies are not permitted. Medical Establishments shall be Registered with Competent Authority as per the Local Regulations. The Medical Establishment should have: 1) at least 10 in-patient facility, 2) a fully equipped Operation Theatre of its own, 3) fully qualified Nursing Staff in its employment round the clock, unless indicated to the contrary and additional premium paid, 4) fully Qualified Doctors. Doctor should be in charge round the clock.
Covered Risks
- Laboratories and Diagnostic Centres
- Hospitals
- Mental Homes
- Nursing/Convalescent Homes
- Homes for Physically Disabled
- Clinics
- Dispensing Pharmacies
- Veterinary Hospitals and / or Clinics
Major Exclusions
Criminal act, services rendered under the influence of intoxicants or narcotics, Third party Public Liability, claims under cosmetic plastic surgery, hair transplants, punch grafts, flap rotations etc.Professional liability insurance, also commonly referred to as errors & omissions coverage, is the service equivalent to product liability insurance. It protects you financially in the case of a claim against you for negligence, errors, omissions, or wrongful acts in the performance of your duties. It includes coverage for malpractice, errors, and omissions. Some states and professions require this coverage by law; for example, doctors are required to carry malpractice insurance, which is a form of professional liability coverage. In other cases, companies you do business with will require you to have it. For instance, computer consultants bidding for corporate contracts often must prove they have errors and omissions coverage, since errors in their work can put a corporation's computer system out of commission. It is also a common requirement in government services contracts. Even if you are not mandated to have it, it is wise to carry a policy if the service you provide could inadvertently harm another person. The professions for which it is recommended or required include, but are not limited to, computer technicians, systems analysts, accountants, hairdressers, lawyers, and consultants. A good place to start your search for professional liability coverage is your trade association, since it will be familiar with the requirements for your profession. Often, these industry groups offer specialized liability coverage, or if they don't, can point you in the direction of a carrier that does. When you are shopping for professional liability insurance, be sure to ask if the coverage includes the cost of legal fees. Some policies are now being written with exclusions and limits on coverage for legal fees and court costs.