I am a dentist and plan to start my own practice in a couple of months. Are there professional negligence policies which can protect me in case of professional errors?
Yes, there are professional indemnity policies which can protect you from the financial consequences of professional errors. For doctors, dentists and other medical professionals, it is popularly known as medical malpractice insurance. Depending upon the scale of your practice (how large it is) and the complexity (if it involves surgery etc), you must decide on how much cover you need. A cover can be bought for different limits or amounts of indemnity, such as Rs 1 crore or Rs 5 crore. This amount is available to the policyholder to pay defence costs and the damages incurred, should a case of professional negligence be filed against him/her.
I have a health cover of Rs 2 lakh and want to increase it to Rs 5 lakh. I am happy with my policy and enjoy quite a few benefits. Can I port my policy after July 1 and increase the sum assured, as I can port the benefits at no additional expense?
If you increase the sum assured for the same policy, the waiting period will apply afresh for the increased amount (for Rs 3 lakh, in this case). If you port the policy, the portability benefits will apply only for the original sum assured (for Rs 2 lakh). There will be a fresh waiting period for the increased sum assured.
I am 36 and work as a freelance photographer. Last month, I took up a wildlife assignment. On the trip, some of my equipment got damaged, including a digital camera and some lenses. The cumulative loss was high (approximately Rs 4.5 lakh). I want to avert such instances in future. Can I get my equipment insured? If yes, under what policy? What would be the premium?
You can opt for an all risk policy. The policy covers a variety of risks, subject to specific exclusion stated in the policy. Breakage, scratching or cracking of the camera or the lens is covered only when caused by fire or the means of conveyance being involved in an accident. One of the important exclusions is the loss or damage caused by mechanical or electrical derangement /breakdown, unless caused by accidental external means. However, breakdown due to other reasons can be covered by paying additional premium. Premium varies from company to company, depending on the risk perception, and ranges between 1-2 per cent. Remember, most policies would not cover damage caused due to negligence.
I have booked an international holiday with my family. According to the terms of the booking, if I cancel the trip, the booking amount will get forfeited. Is there any policy to protect me from such potential losses?
There are some products which cover trip cancellation. This benefit covers the loss incurred as a result of cancellation due to unexpected sickness and hospitalisation resulting in the insured not taking the trip as scheduled.
The writer is MD and CEO of Tata AIG General Insurance. Send your queries to yourmoney@bsmail.in
