Professional Indemnity Insurance for Physicians
This information document only specifies the main aspects of the insurance, such as what is included and what is not. It is not an exhaustive list or a personal overview of the insurance that customers choose. The information document has no legal significance and is intended solely to inform customers about the main aspects of the insurance. The insurance summary and detailed information on the applicable contract terms are available on the insurance policy, which can be accessed on Vörður’s My Pages. The terms and conditions of the insurance contain comprehensive information about the insurance coverage and are a part of the agreement between the parties together with the insurance certificate.
What kind of insurance is Professional Indemnity Insurance for Physicians?
Professional indemnity insurance is intended to compensate for general financial damage that the insured may cause to their clients in the course of their work. Self-employed physicians can purchase and maintain professional indemnity insurance for their professional activities.
What Is Covered?
Liability that falls on the insured, when a third party suffers physical injury that can be traced to the medical treatment of the insured or their employee.
What Is Not Covered?
Loss or damage that can be attributed to the fact that the insured takes on a non-contractual responsibility that is greater than their general liability calls for.
Fines and other penalties levied against the insured party or third person.
Damage to property.
Work that is done on the behalf of a medical institution unless such work is complimentary and outside of institution’s responsibility according to current applicable laws and legal provisions on employer liability.
The operation of the insured outside of Iceland or wider liability than the Icelandic law on liability or compensation amounts call for.
Liability relating to treatment that falls outside the standard field of work of physicians.
Liability relating to treatment that the insured is not authorised to carry out according to law or public authority.
Liability for damages due to treatment where the treatment, including the administration of medication, does not have the intended effect, proves to be more expensive than comparable treatment, is unnecessary, or ineffective.
Injury resulting from cosmetic and/or aesthetic procedures.
Injury due to damage to the patient’s genetic material.
Injury resulting from drug trials or clinical experiments.
Injury caused by the use of medications intended to alter the patient’s weight.
Injury resulting from in vitro fertilization, fertility procedures, or abortions.
Injury resulting from the use of radioactive substances or other methods used for treatment in research purposes.
Injury resulting from product liability for which the insured is held liable.
Are there any restrictions or precautionary rules?
The insured is required to comply with Vörður's precautionary rules.
Where is the insurance valid?
The insurance covers only damage that occurs in Iceland as a result of the insured’s work in Iceland.
What are the insured's obligations?
To provide all necessary information, whether at renewal, when making changes to the insurance, or when submitting a claim.
As soon as the insured becomes aware of, or suspects, that a claim for damages may be made against them, they must notify the insurer in writing.
If there are any changes to circumstances or information that have been disclosed to the insurer in the insurance application or otherwise, the policyholder must inform the insurer of such changes.
When and how is the insurance paid for?
The insurance premium must be paid on the due date. Upon renewal, the annual premium is adjusted in accordance with changes in the index from the base index of the agreement. Vörður sends payment claims monthly to online banking services, or annually if the policyholder prefers to pay the premium in a single installment. It is possible to change the payment method via Vörður's online service, “My Pages.” There, policyholders can also choose to pay premiums using a credit card.
When does insurance coverage begin and how does it end?
Insurance contracts are generally valid for 12 months from the date of acceptance of the offer and issuance of the insurance, and premiums are based on the annual premium. If the insurance is not terminated within that period, it is automatically extended.
How is the insurance terminated?
The insurance can be terminated at any time during the insurance period.