Enough articles have been published stressing on the importance of getting professional indemnity insurance in place for my medical practitioner. Add on to the fact that the Malaysian Medical Council is also making it mandatory, professional practitioners are on the hunt for the best insurance providers. So here, let’s take a look at all the unique benefits that Doctor Shield has to offer with our Malaysian medical indemnity coverage!
8 UNIQUE BENEFITS OF DOCTOR SHIELD
1) UNLIMITED RETROACTIVE COVER
Retroactive date refers to the date from which a person’s professional services are covered by the policy. This is an important aspect to look for in a prospective insurer as this would mean that the policy would cover damages before the actual date of the policy. Example, your policy commences from December 2019 and there is a claim tomorrow from the services you rendered in November 2018. Now with a policy with a retroactive date, like those offered with Doctor Shield’s Malaysian medical indemnity coverage options, you can cover those claims as well.
2) UNLIMITED RUN-OFF
Run-off cover is a type of liability insurance held within a Professional Indemnity Insurance policy which provides cover for work done by a business in the past even after the services have been ceased. So even after a person retires from his professional services or ceases due to other reasons, this clause will help the person insured against all the prospective claims that may arise in the future.
3) PUBLIC RELATIONS EXPENSES
Public Relations Expenses refers to the reasonable fees and related expenses of a public relations firm or consultant, crisis management firm or law firm, which the insured may use during the course of a lawsuit. These expenses are covered by the policy in Doctor Shield through the inclusion of a special clause in the policy agreement.
4) AGGRAVATED DAMAGES
Aggravated damages are basically compensatory in nature and they are awarded for the aggravated damage that is caused to a plaintiff. Aggravated damages are determined on the basis of the intangible injury inflicted on a plaintiff. Our Malaysian medical indemnity insurance policies cover these expenses in addition to medical damages and legal costs incurred. This clause is especially useful for professionals as they are sudden levies which may strike out of the blue for the insured.
5) AUTO REINSTATEMENT
Another benefit we offer doctors in Malaysia with our medical indemnity coverage is automatic reinstatement. This insurance policy provision states that the policy limit will be restored after a claim is paid out. In other words, it reinstates the original policy limit after the insurer pays for a covered loss. Automatic reinstatement may also be known as maximum aggregate limit of indemnity. Earlier, there was a process in place where insured had to submit a request for policy renewal after a policy limit is exhausted. However, with this clause in place, it removes the unnecessary last-minute hassles for the insured as they can be rest assured that the policy will be reinstated.
6) MEDIATION PREFERRED
Mediation is a preferred method of dispute resolution where the concerned parties are allowed to arrive at a solution without interference from third parties. Mediation adds structure to simple negotiations between the parties but is less rigid than an arbitration or traditional litigation. At Doctor Shield, we encourage the insured to engage appropriate mediation services to provide for a seamless conflict resolution.
7) ALLOWS FOR A LAWYER OF THE INSURED’S CHOICE
In the case of a dispute, litigation cases and arbitration call for well qualified lawyers. We at Doctor Shield allow the insured to nominate a lawyer of the insured’s choice who have the necessary medico legal experience and expertise.
8) PERSONAL ACCIDENT COVERAGE
Last but not the least, this policy extends beyond claims arising from losses occurred through professional causes. Should the insured suffer loss arising from a personal accident, they can be rest assured that the concerned amount will be covered through the policy.
Our policies are underwritten by CHUBB, the world’s largest publicly traded Property and casualty Insurer. Doctor Shield is a convenient way to buy customised medical professional indemnity insurance at competitive premiums.
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