Navigation Links
Beazley's New Management Liability Coverage is Tailored to Unique Needs of Healthcare Organizations
Date:5/21/2009

CHICAGO, May 21 /PRNewswire-FirstCall/ -- By combining the expertise of its management liability and healthcare teams, Beazley Group (BEZ.L) has developed enhanced management liability coverage that is precisely tailored to the needs of healthcare organizations, including hospitals, long term care facilities and academic medical centers.

The coverage is an adaptation of Beazley's successful BeazleyOne management liability package policy and protects healthcare organizations against directors' and officers' (D&O) risks, employment practices liability (EPL) risks, and fiduciary risks. A number of risks loom large for healthcare providers that are less of a concern for other organizations. These risks, all of which are covered under the new Beazley policy, include:

  • Failure to perform provider selection, credentialing or peer review activities.
  • Defense coverage for governmental return of funds claims, triggered when reimbursements from government administered programs such as Medicare and Medicaid are subsequently called into question.
  • Affirmative antitrust coverage. Antitrust laws, not always well understood by healthcare organizations, can entail severe penalties when efforts to share services or jointly negotiate better reimbursement terms are deemed to constrain competition and harm consumer interests.
  • Full defense coverage for EMTALA (Emergency Medical Treatment and Active Labor Act), Excess Benefit and HIPAA (Health Insurance Portability and Accountability Act) claims.

The coverage, which is available in the admitted market with limits of up to $10,000,000, also includes a broad definition of insured persons, including staff physicians, medical directors, faculty members (at academic medical centers), volunteers and independent contractors.

An additional unique feature of the BeazleyOne policy that may prove valuable to long term care organizations is "employment event" coverage to cover the cost of hiring a public relations firm, a security firm or mental health professionals to cope with major events affecting the workforce, such as layoffs of more than 20% of employees, high profile discrimination lawsuits, or workplace disasters causing loss of life.

In addition to insurance coverage, BeazleyOne policyholders have access to BeazleySource, a risk management website providing practical and valuable loss prevention advice in the D&O, EPL and fiduciary arenas. Among other resources, the site includes a wide variety of online training modules on matters such as employee termination and preventing employee discrimination and sexual harassment.

Kieran Dempsey, underwriter with Beazley's healthcare team in Chicago, said, "Beazley is the largest insurer of US D&O risks in the London market and one of the leading insurers of professional liability risks for major healthcare organizations, including three of the top 10 'honor roll' hospitals listed by US News & World Report. Our clients and their brokers have told us that traditional management liability policies do not adequately cover their exposures. This enhanced version of BeazleyOne is designed to address their concerns.

"With an underwriting team that combines decades of experience in both management liability and healthcare risks, we are well equipped to design coverage that will respond surely and swiftly to threats that other policies may miss. We believe that the enhanced BeazleyOne policy sets a new standard for management liability coverage for healthcare organizations."

Note to editors:

Beazley Group plc (BEZ.L) is the London-based parent company of global, specialist insurance businesses with operations in the UK, US, France, Germany, Singapore, Hong Kong and Australia.

Beazley manages four Lloyd's syndicates: Syndicate 2623 and Syndicate 623 underwrite a broad range of insurance and reinsurance business worldwide; Syndicate 3623 focuses on accident and health business; and 3622 is a dedicated life syndicate. In 2008, Beazley underwrote gross premiums of pounds Sterling 875.7m. All Lloyd's syndicates are rated A by A.M. Best. In the US, Beazley's underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd's. Beazley Insurance Company, Inc. is rated A by A.M. Best.

Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.

For more information, please go to: http://www.beazley.com/.


'/>"/>
SOURCE Beazley Group plc
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Coordinated Health Selects Allscripts Electronic Health Record and Practice Management to Improve Coordination of Patient Care
2. TCS Healthcare Technologies to Offer Interactive Text Messaging As Part of Its Care Management Software Platform
3. Axium Healthcare Picks CPR+ as Its Specialty Pharmacy Management Software
4. Cornerstone Therapeutics Announces Management Change
5. Lilly and Medtronic Form Alliance to Provide Solutions for Diabetes Management
6. MEDai Helps Medicare Part D Sponsors Adhere to CMS Medication Therapy Management Initiative
7. SETO Holdings, Inc. Signs Agreement to Acquire Advanced Hearing Centers, Inc. and Will Dispose of All Existing Business; New Management to be Installed
8. Major Stakeholders in Health Reform Debate Call for Greater Focus on Disease Prevention and Management in Senate Finance Committees Policy Options Paper
9. Itasca Medical Care Implements DST Health Solutions CareAnalyzer Solution to Improve Care Management, Quality
10. Frost & Sullivan: Clinical and Cost Benefits to Promote Uptake of Advanced Wound Management Technologies Across Europe
11. Psychiatrist and Trading Coach Dr. Ari Kiev Discusses Psychology of Peak Performance, Risk Management at ConvergEx Forum
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... ... February 11, 2016 , ... The president released a FY 2017 budget request ... shift more of the cost burden to military beneficiaries. , MOAA’s president, retired ... defense budget as including limited quantifiable benefit fixes mixed with numerous beneficiary fee hikes. ...
(Date:2/11/2016)... ... 2016 , ... In a new paper published in the ... Rod J. Rohrich, and colleagues, examine and underscore the importance of upper lateral ... when addressing this vital area. , The upper lateral cartilage in rhinoplasty, refers ...
(Date:2/11/2016)... ... February 11, 2016 , ... PharmMD CEO Robert ... will focus on contract negotiations, corporate strategy and healthcare data law. Additional responsibilities ... practices in data breaches for the Part D Star Rating improvement and Medication ...
(Date:2/11/2016)... ... February 11, 2016 , ... Talix today announced ... , will be presenting at the 2016 HIMSS Annual Conference & Exhibition, taking ... During his session, “ Coding for Care: Using Data Analytics for Risk Adjustment ...
(Date:2/11/2016)... ... February 11, 2016 , ... Be Well Medical ... in the heart of Old Town at 108 South Columbus St, Suite 201, Alexandria, ... highest level of medical care in the convenience of their homes, offices or at ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... 2016 Transformational M&A achieved through NPS ... --> Transformational M&A achieved through NPS and Dyax ... Transformational M&A achieved through NPS and Dyax acquisitions ... for future growth with most robust pipeline in Shire ... future growth with most robust pipeline in Shire , ...
(Date:2/11/2016)... 11, 2016  AbbVie, a global biopharmaceutical company, ... designed to provide financial support for exceptional students ... higher education goals. Fifteen scholars will be selected ... year. The AbbVie Rheumatology Scholarship is currently accepting ... president, corporate social responsibility, brand and communications, AbbVie. ...
(Date:2/11/2016)... Exactus Pharmacy Solutions, a WellCare (NYSE: ... care for those suffering from long-term, life-threatening or ... Specialty Pharmacy Accreditation from URAC, an independent, nonprofit ... care quality through accreditation, education and measurement. ... URAC accreditation process demonstrates a commitment to quality ...
Breaking Medicine Technology: