Professional Indemnity Insurance
This Policy broadly covers medical establishments against legal liability arising out of bodily injury and/or death of any patient caused by error, omission or negligence in professional service. It also covers legal costs and expenses incurred in investigation, defence or settlement of such legal liability.
- This Policy does not cover liability arising out of cosmesis ( plastic surgery, hair weaving etc.). It also does not cover third party liability, pure financial loss, fines and penalties (punitive or exemplary)
- Depending on exposure, Proposer has to fix two limits of indemnity as under
- Any One Accident (AOA)
- Any One Year (AOY)
- The Premium rate depends on the occupation of the workmen and his/her annual “Earnings”
AOA and AOY can be in ratio of 1:1, 1:2, 1:3 or 1:4.
- Premium chargeable depends on risk group, number of inpatients and outpatients, limits of indemnity selected and ratio of limits (AOA:AOY)
- Policy is subject to compulsory excess of 0.25 % of AOY limit (subject to minimum of Rs. 5000/- and a maximum of Rs. 1,00,000/-). Higher excess opted on voluntary basis qualifies for discount in premium level.