Beazley Group, said it has launched Beazley Remedy, the first admitted management liability coverage that includes a regulatory liability coverage option.
The specialist insurer of risks affecting healthcare providers said healthcare providers operate in an increasingly hazardous regulatory environment, with highly complex coding requirements. Providers across the country are readying their systems and processes for the ICD-10 revision mandate scheduled for October 1 of this year.
Beazley Remedy offers robust coverage for both unexpected government investigations and commercial payor lawsuits. The regulatory liability coverage, provided under one of the four insuring clauses within the policy, covers defence costs, external forensic audit expenses and medical expert fees, as well as civil fines and penalties.
The other three insuring clauses within the policy cover directors’ and officers’ (D&O) risks (with specific adaptations for healthcare providers), employment practices liability (EPL) exposures, and fiduciary liability risks. The coverage is highly flexible, enabling clients to select combined or separate limits under any or all of the four insuring clauses on an admitted or a surplus lines basis.
In recent years Beazley, which launched its first standalone policy covering regulatory liability risks in March 2012, has established a strong reputation as a provider of well designed insurance coverage and risk management services to a wide range of healthcare providers, including over a quarter of Healthgrades’ top hospitals in the US and eleven (out of 18) of the honor roll hospitals and seven (out of 10) of the pediatric honor roll hospitals as listed by US News and World Report.
Hospitals and health systems, academic medical centers, long term care facilities and physician groups are among the healthcare providers eligible for Beazley Remedy’s regulatory liability coverage. Providers of a wide array of other healthcare services are eligible for the D&O, EPL and fiduciary liability coverage afforded under the policy. In addition to insuring healthcare providers against management liability and professional liability risks, Beazley is a leading insurer of data breach risk for healthcare organizations.
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