All jobs certainly have their respective risks. Likewise, with workers in the health sector such as nurses, doctors, midwives, or other health-related professions. The risk includes personal accidents and the risk of medical malpractice. If you are a medic living in Malaysia, you may need medical indemnity insurance Malaysia.
Suppose you still need to familiarize yourself with medical indemnity insurance. Read this article to learn how medical indemnity can help you from malpractice lawsuits. So, let’s see the explanation about medical indemnity insurance Malaysia below.
What is Medical Indemnity Insurance?
This article will discuss medical indemnity insurance Malaysia that can protect medics from lawsuits. You should know the definition of medical indemnity insurance before we get started.
Doctors have a responsibility to the patient’s health condition and life. If the profession is wrong while making decisions, the risk of lawsuits that they receive is inevitably considerable. Therefore, professionals such as doctors should receive liability insurance protection to be able to anticipate threats to their profession.
Medical Indemnity Insurance is a coverage in which the insurer will pay compensation in value because the insured is legally obliged to pay for financial losses suffered by patients due to negligence. This negligence is commonly committed by the insured or medical personnel who commit malpractice.
The basic principles in a Medical Indemnity Insurance contract are:
- Compensation claims will only be paid by the insurer based on a court decision and not based on a determination of mutual agreement between the insured and another party.
- There is no limit to anyone this insurance applies to, so if the insured commits negligence and causes harm to third parties, official or laborer, native or foreigner, the insurance will still apply.
- The action must be an accident, although, within certain limits, it can be carried out for claims outside the accident.
- The basis of coverage for legal liability insurance is no longer based on “caused by accident” but rather “for any occurrence”, which gives rise to lawsuits.
5 Recommendation Medical Indemnity Insurance Malaysia
If you are a medical worker living in Malaysia, you may need medical indemnity insurance. Here are the recommendations for medical indemnity insurance Malaysia.
1. MPS – Medical Protection Society
The Medical Protection Society is a non-profit organization dedicated to guarding the professional interests of its members. MPS has a 300,000-strong membership worldwide with a team of legal experts and a strong support network to assist with any medicolegal issues its members face.
Medical Protection Society is not an insurance company, so technically, you are not buying an insurance product. Instead, you pay for a membership that entitles you to discretionary benefits in the organization’s Memorandum & Articles of Association.
Membership in MPS entitles a person to:
- The right to seek redress for claims arising from clinical practice
- The right to seek advice & legal representation for disciplinary hearings or hearings
- Refugee for the Good Samaritan operates around the world
- However, the assistance provided does not cover events before you joined MPS (i.e. no retroactive protection)
MPS Extra Benefits
- An emergency medical advice line is available 24/7
- Free workshops and online learning modules
2. JLT-Medefend
Medefend is an insurance scheme by Jardine Lloyd Thompson (JLT). This medical indemnity insurance Malaysia is provided by Pacific & Orient Berhad. JLT claims to have over 15 years of experience managing professional indemnity insurance in Malaysia. It is supported by the Malaysian Medical Association (MMA).
Main Features of Medefend
- Losses and expenses deriving from medical negligence claims
- Full retroactive cover
- Free runoff protection (subject to renewal for at least 5 consecutive years)
- Free Public Relations and counseling fees
- Legal representation costs in disciplinary investigation cases
Extra benefits from Medefend
- Risk management resources such as seminars, workshops, and newsletters
- The Good Samaritan Act covers the whole world (excluding Iran and other sanctioned countries)
3. Doctor Shield
Doctor Shield is a relatively new offering of medical indemnity insurance Malaysia for medical professionals. However, they are innovative by offering the world’s first fully online platform. JA Assure offers Doctor Shield, an insurance technology company, in partnership with Chubb, one of the world’s largest insurers.
Key Features of Doctor Shield
- Losses & expenses deriving from medical negligence claims
- Unlimited retroactive dates
- Free runoff protection (subject to renewal for at least five consecutive years)
- Public Relations Fee
- Legal representation costs in disciplinary investigation cases
Unique Benefits of Doctor Shield
- Online instant quote
- Option to appoint your attorney outside of their panel, subject to approval
- Coverage for unintentional defamation
- Coverage for accidental IP breaches
- Guarantee for loss of documents & medical records
- Coverage for cyber & privacy breaches
4. Zurich Professional Indemnity Insurance for Medical Professionals
Zurich is a well-established and well-known insurance company that delivers medical indemnity insurance Malaysia for dentists, doctors, and pharmacists. But compared to other schemes, not much information is available online.
Main feature
- Full retroactive cover
- Advice and assistance with representation when required at disciplinary hearings Malaysian Medical Council / Malaysian Dental Council / Malaysian Pharmacy Council.
5. Aon – MMI
Malaysia Medical Compensation (MMI) is an insurance scheme offered by Aon Malaysia, an insurance broker with over 15 years of operating. This scheme is insured by MPI Generali, supported by insurance panels such as RHB, Tokio Marine, and others.
Key Features of Aon-MMI
- Losses & expenses deriving from medical negligence claims
- Retroactive cover
- Free runoff protection (subject to renewal for at least 5 consecutive years)
- Public Relations Fee
- Legal representation costs in disciplinary investigation cases
Unique Benefits of Aon-MMI
- 2.5% No Claim Bonus Discount – discount on premium rates if you have no claims for 3 consecutive years in the same category
- Coverage of Good Samaritan’s actions worldwide
- Coverage of defamation and slander
Protect Yourself From Professional Lawsuits!
So that’s all about medical indemnity insurance Malaysia that you should know about. Suppose you are a new medic and need protection for various claims caused by your negligence at work. In that case, there are several recommendations for Malaysian indemnity insurance that you can choose as protection.
Apart from loving your job, protecting your work from all lawsuits is essential. Let’s have your medical indemnity insurance!