You must have seen many big medical institutes like a hospital or any other well-dedicated medical facility having dozens of high-quality medical equipment on their premises. The evolution of medical science has brought plenty of high-capacity machinery used for medical purposes like MRI scanning machines, CT-scan machines, X-rays, etc. All this equipment needs proper maintenance and periodically checked in order to insure their smooth functioning. However, these medical equipment need insurance coverage. So, that in case any one of them malfunctions, a medical facility can get it repaired or replaced. In this blog, we will cover the types of equipment a hospital covers under a medical equipment insurance policy and the risks that will be covered under that policy.
Equipment covered under medical equipment insurance policy
Before we probe deeper into the types of risks that are covered under a medical equipment insurance policy, let us first check out the list and type of equipment that can be included in this policy.
High-quality sophisticated electronic equipment is the backbone of any medical facility. A malfunction in any of these machines can hamper the credibility of the diagnosis and result in huge financial losses. For this reason, it is mandatory for all hospitals to get Hospital property insurance, which is also known as Electronic Equipment Insurance (EEI). The electronic devices covered under the EEI include the following –
- Computer and allied peripherals
- Auxiliary equipment like UPS, Voltage Stabiliser, etc.
- Medical, Bio-medical, Equipment e.g. Cath Lab, X-ray Machine, Ultrasound machines, MRI, CT scan Machines
- Audio/Visual devices
- Electronic control panels
- Telecommunication and navigational equipment
- Electronic equipment for research and material testing.
However, one cannot directly post a claim on these devices. This means that the policy strictly depends on the type and cause of damage to these pieces of equipment. The policy will not pay the facility if the damages caused are due to the following reasons –
- Electrical equipment impairment is brought on by ambient factors like dampness, temperature or leakage from automatic fire sprinklers.
- Costs associated with routine servicing and repairs, such as changing batteries, valves, picture tubes, filters, etc.
- Restoration of components that have become worn out due to repeated use.
- Losses result from accidents and unintentional harm.
If the medical equipment is damaged due to any of the above factors, the medical equipment insurance will not cover the claim
Risks covered under the policy –
- Equipment Breakdown – The policy will cover the electronic medical equipment if it breaks down or stops functioning due to a technical or mechanical fault. This covers the price of removing the dirt and disassembling electronic equipment. It also incorporates any applicable customs fees.
- Lost Data Restoration – In case of any natural or man-made eventualities mentioned above, if the recorded data of the patients need to be retrieved, a backup system is available. To retrieve lost data or fix damaged data, experts can be employed. The expense of recovering lost or corrupted data is covered by an EEI.
- Cost of Working – In case of electronic failure, if a hospital recruits people to work on behalf of the machines, the policy will bear the cost of that hiring.
Conclusion
Thus, getting hospital property insurance can be a wise decision for any medical facility. If you add an extension to the policy, losses due to man-made factors like terrorism or lockdown are also covered.
