Serious mistakes in diagnosis, prescription or, worse still, settling on the wrong procedure, or making an error in carrying it out, can destroy medical practitioners’ careers and change their life as they know it. If their actions, whether intentional or accidental, are considered to bemalpractice, they can face lawsuits which destroys them financially and may even find themselves serving jail time.
What is Medical Malpractice Insurance?
It is a liability insurance cover that protects healthcare workers such as doctors, surgeons, nurses, lab technicians from claims of professional negligence. Medical professionals may face compensation claims from patients or their families for alleged misdiagnosis, surgical errors, premature discharge, failure to review lab results correctly or other errors and omissions.
A court of law may award damages to the claimant in the form of financial compensation. These amounts may be very large and impossible for medical professionals to bear. The policy covers damages awarded by a competent court of law for injury, death, additional expenses to correct the error or for suffering and mental anguish caused. This would also cover legal expenses and defence costs incurred as a result of the lawsuit.
Why do medical practitioners need Medical Malpractice Insurance?
- Concerning the importance and the amplitude of medical liability, Medical Malpractice Insurance in the UAE is mandatory by law in order tostart any of the medical professions.
- By transferring the risk of such lawsuits to an insurer, it allows the medical professionals to continue to carry out their services without the fear of facing financial ruin in the event of a human error.
- Peace of mind with an adequate limit of liability to protect your financial position and career
What does Medical Malpractice Insurance cover?
The cover provided by medical malpractice insurance in Dubai covers damages awarded by a court for professional negligence. Additionally, the policy covers defence/legal costs.
It will cover any legal liability for compensation for any bodily or mental injury or death caused by the insured’s negligence, omission, or error with regard to diagnoses, prescriptions, administering medications, mistakes made during surgery or childbirth, and any other mistakes made while performing professional services. It will also carry the costs of lawyers’ fees and court charges involved in defending the insured medical practitioner. In some cases, cover for loss of earnings as well as compensation for the pain and suffering the insured has suffered as a result of the claim.
What are the limits of Medical Malpractice Insurance?
Limit of Indemnity is the financial limit up to which the insurer will cover claims including legal costs per-incident or in a multiple of incidents during a policy year.
Limits ranging from AED 250,000 to AED 5,000,000 can be offered depending on the individuals’ requirements. Higher limits (up to AED 100m) may also be offered and are typically taken by larger institutions employing several medical professionals such as large hospitals with inpatient services.
The limit of liability for a policy is usually set separately for a single claim (any one occurrence), which is lower than the policy limit of liability for all claims in aggregate over the course of the year.
What is not covered?
- Punitive damages or exemplary damages (additional damages awarded by a court over and above the compensatory damages)
- Fines and penalties
- Services performed by a medical professional for which they are not licensed to offer
- Claims made after a policy has expired or after a doctor/professional is deleted from the policy.
How InsuranceMarket.ae can help?
Medical malpractice insurance is a must by law, but even if that were not the case, it would still be a must for those in the medical and health sectors where there is always a chance of something going wrong. Their jobs revolve around the wellness and well-being of their patients and call for personal judgments to be made regarding actions that can heal or hurt.
Deciding on the right medical malpractice insurance company also calls for relying on personal judgment for those that go it alone. But it needn’t do so. The professional and experienced services of InsuranceMarket.ae, online insurance advisors can help find the right insurance company at the right price.