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Medical Malpractice Insurance:
Insurance coverage for the medical fraternity against malpractice claims. Medical malpractice is defined as the negligence of the professional health care provider which results in harm to patients. With the increasing number of lawsuits reporting widespread medical malpractice, health care professionals must take adequate precaution to minimize risk and protect their livelihood. This is where the medical malpractice insurance comes into picture.
Medical malpractice insurance provides cover for the health professionals, which include court costs, settlements and damages that come with a malpractice lawsuit. When you are made liable and brought to court for settlements and damages, this insurance does it all for you. This insurance also covers claims made by patients against doctors and related professionals on the basis of professional misconduct. This could encompass wrong treatment, accidents caused during the process, ineffective treatments etc. It is essential for doctors and other professionals to avail of malpractice insurance to protect themselves from huge claims made by dissatisfied patients. This policy also requires premium payments and offers coverage limits. The cost of this insurance has been rising in the US after a decade of literally stagnant prices. Since there have been an increasing number of claims made on these grounds, this has resulted in higher insurance rates.
More frequent insurance claims due to medical malpractice has been made in urban areas. Losses due to claims are on the rise, but sadly enough there has been no rise in revenues to meet these claims made by dissatisfied patients. Losses are faced by medical malpractice insurance company who meet with claims which often run into million of dollars. Inability to meet with these claims coupled with rising insurer costs are driving out many such insurance companies. However those companies with adequate financial support and successful history in this type of insurance are the ones which will be sure to survive. It depends on these companies to ensure that doctors and other medical professionals are adequately safeguarded against claims made by patients based on treatments and medical care meted out.
When choosing a medical malpractice insurance company, you should see that the company is sound financially, and is well established. Look out for 'occurrence' policies or 'claims-made' policies with 'tail coverage'. When making a medical malpractice insurance claim, consult an insurance carrier as he can give you the correct picture of the instructions and procedures to be followed, as policies differ from carrier to carrier. But more importantly don't pay any money as financial obligation since the insurance cover will not refund this money.
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