Buying Medical indemnity insurance Malaysia has evolving over time into a necessity for medical professionals all around the world. Harvard Medical School estimates that 7.4% of physicians are accusing of malpractice each year. Several examples have drawn the attention of the healthcare sector, the government, and the general public in several nations, including Malaysia.
In recent times,
Medical negligence claims have sharply increased in frequency in Malaysia.
- A man is awarded RM 300k for hospital malpractice.
- Malaysian homemaker sues government expert for RM20 million due to carelessness
- Medical malpractice: court grants RM2.78 million to a 9-year-old child
The average number of medical malpractice claims is still increasing by more than 46.8%, according to the Attorney General’s Chambers in Malaysia. To require Medical indemnity insurance Malaysia for all doctors renewing their annual practising certificates, the Malaysian government is now modifying the Medical Act and the Medical Regulations.
It is obvious that getting medical indemnity insurance is an urgent necessity. Therefore, as a medical practitioner in 2019, you should have access to sufficient knowledge to enable you to make an informed choice. There are a few things you need to consider before buying medical indemnity insurance given the lifetime of financial and mental anguish it is likely to save for you. Here are five of them that might help you make this crucial choice in order to make things easier for you.
1. What are the limitations of your liability?
According to your Medical indemnity insurance Malaysia’s policy, you must be aware of the maximum amount you will receive for any given claim as well as the maximum amount you will receive annually. You are free to establish your own boundaries or communicate them to your employer and coworkers. There are enough recent cases in Malaysia to demonstrate how difficult and expensive the legal procedure can be. You must therefore make sure that your limitations are sufficiently high to account for your worst-case scenarios. All settlements, including awards of costs and damages, should be included.
2. What obligations does the policy place on you?
You may need to meet specific requirements in order to maintain your provider’s protection, depending on the type of medical indemnity insurance coverage you have. Among these are your responsibilities to disclose your history of personal insurance claims, to inform the provider of any adjustments to your medical practise, such as the use of complementary and alternative therapies, etc. Additionally, you must be aware of any exclusions in your policy, such as those for fraud, criminal activity, sexual misbehaviour, etc.
3. Is your policy occurrence-based or claims-made based?
In Malaysia, claims-made and occurrence professional indemnity insurance are the two most common types of coverage. Only incidents that take place while you are under your provider’s insurance are covered by claims-made policies. The occurrence and the submission of the claim must have taken place while the provider and you had an active policy. You cannot be protected for claims that surface after your policy has ended unless you chose “tail coverage.”
Regardless of when the claim is reported to your insurance provider, it must happen while your medical indemnity insurance policy is in effect in order for it to be covered under occurrence-based policies. When your occurrence policy needs to be renewed yearly, new restrictions are established.
4. Is a consent-to-settle provision present?
It is crucial to confirm that a claim against you may not be resolved without your written permission under the terms of your medical indemnity insurance policy. Your insurer will have the legal ability to settle a case against your choice if there is no “consent-to-settle” clause. Making counteroffers or concluding settlements might help you save a lot of time and money while bringing you peace of mind. Be in charge of the choices that could affect both your personal and professional lives.
Some policies contain a “hammer clause” that goes into force if you reject the settlement proposal. Even if the trial ends in a larger settlement sum in these situations, you are still required to pay it.
5. Are you protected against legal and regulatory infractions and privacy liability?
Many people and organisations in the medical sector frequently disregard the dangers of data security breaches and legal infractions. Breach of health data is becoming an international issue. According to reports, “credit card numbers are almost worth 10 times less on the underground market than medical data.” Medical practitioners need to be protected against privacy liability issues that are related to data security breaches given how much data is being stored online. Additionally, you might seek protection from regulatory-related risks as a result of the expansion of complex regulations and fines for non-compliance.
Whether you are a doctor, nurse, or any type of medical professional, you must take proactive steps to protect yourself from unjust claims and terrible events. It only takes one lawsuit can turn the rest of your life into a difficult journey that drains you emotionally, physically, and financially. The correct kind of medical indemnity insurance policy, however, one that is tailored to match your practise needs and future plans, can be chosen once you know the answers to these questions. More crucially, one that can provide you with lifelong peace of mind.
Hanhan, is specifically designed to offer comprehensive protection for Malaysian medical professionals at very affordable premium rates. Get a customised quote in a matter of seconds, and buy the appropriate medical indemnity coverage in a matter of minutes(Medical indemnity insurance Malaysia).
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