Medical Malpractice - Why Purchase Cover?
Medical Malpractice cover typically protects professional helath care providers against third-party liability resulting from the actual or alleged negligence in the provision of medial care. It is purchased by individual practitioners (physicians, surgeons, dentists, therapists, nurses, etc.) and by institutions (health authorities, hospitals, clinics, etc.) throughout the world.
Increasing levels of litigation around the globe have affected many services and businesses and the health care industry has not been immune to this trend. Securing appropriate and affordable cover in the face of rapidly-increasing claim frequency and severity is a common concern. Most governments now make the cover compulsory.
Policies will typically indemnify the insured for a broad range of activities performed in a professional capacity. While there are numerous localised variations to what is considered the "standard" product, most will be claims-made, extend cover to the insured's employees, exclude intentional and criminal acts and exclude unlicensed procedures. It is customary in many jurisdictions to combine Medical Malpractice with other coverages such as Third-Party or Employers Liability or Professional Indemnity.