Switzerland’s Allied World Assurance Company Holdings sees insurance opportunity in the U.S. for broad medical facility coverage, and is launching a new product grouping to capitalize on the opportunity.
The property/casualty and specialty insurance/reinsurance giant said it will be rolling out its Miscellaneous Medical Suite, with medical malpractice, management liability and privacy/network security coverage elements.
Susan Chmieleski, Allied World North America’s healthcare president, explained in a statement that the coverage concept is meant to address “new risks and challenges” cropping up “in the current healthcare environment.”
The medical malpractice coverage for miscellaneous medical facilities will focus on professional liability, general liability (claims made and occurrence), plus additional coverage for sexual misconduct, disciplinary proceedings, lost earnings and medical payments.
For the management liability component, clients get directors and officers, employment practices and fiduciary liability coverages, antitrust exposures, third party liability and outside directorship liability.
The privacy and network security option provides coverage for liability and expenses involving the compromise of information and information systems, Allied World said. It gives up to the full limit coverage for regulatory defense, fines and penalties, if they are insurable. As well, the plan offers notification and credit monitoring costs coverage for a number of individuals, plus access to a number of breach response companies.
In other words, Allied World’s coverage launch addresses the convergence of legal, corporate, technology and privacy issues that medical facilities increasingly face in an age of hospital consolidation, for-profit healthcare facilities and privacy issues that crop up as medical records increasingly are handled electronically.
Source: Allied World