BRIEF NOTE ON ERRORS & OMISSIONS INSURANCE POLICY

1.    What is Errors and Omissions Insurance Coverage ?

 

It is an insurance policy under which may Registered Establishments viz, Hospitals / Nursing Home, any where in India , can be for Professional errors and omissions. The policy will Identity the insured in respect of any act committed by the professionals or qualified assistants named in the proposals engaged in the medical establishments which rise to any Third Party legal liability. Such activities will be part of the declared medical activities of the establishments.

 

 

2. Who are the eligible Medical Establishments ?

 

1. Hospitals

2. Nursing / Convalescent Homes

3. Medical Home

4. Homes for physically disabled

 

3. What are the minimum criteria applicable for the above coverage ?

 

1. There should be atleast 10 inpatient beds.

2. A fully equipped operation theatre of its own.

3. Fully qualified Nursing Staff.

4. Fully qualified Doctor/Doctors should be in-charge round the clock.

5. Should be registered with competent authority as per the local regulations.

 

4. Is the Doctors of the Medical Establishments are covered under the above policy ?

 

This policy indemnify the Errors or negligence committed by the qualified Doctors of the above establishments within the hospitals but not individually. Due to the error of any Doctor or Nurse shall be covered under the above policy, provided that the complaint is filed against the Insured i.e., the Medical Establishment.

In case the complaint is filed against the treating Doctor's individual mane, irrespective of the fact that the treatment has been made in the Hospital, this coverage shall not many way to indemnify the Doctor, as the policy is in the name of the Hospital. Hence, it is advisable that the Doctors should always be covered under the Professional Indemnity Insurance coverage separately.

 

 

5. What are the Premium Rates ?

 

As, the premium amount consist of :

- The rate of Basic premium for proof. Ind. is @ 3/- per thousand.

- Rate of Premium applicable for inpatient is @ 5/- per inpatient.

- Rate of Premium applicable for outpatient is @ Rs. 1/- per patient.

- Rate of Premium applicable for the coverage of Unqualified staff is 7.5% on the amount of basic premium.

- Service Tax applicable is 12.24% on the total amount of premium.

 

6. What is the HICL membership fee applicable in case of Medical Establishment coverage ?

 

For one year membership - 10,000/-

For two years membership - 18,000/-

For three years memberships - 25,000/-

For four years membership - 30,000/-