The AcuteCare form comprises specialist protection and is unique in providing coverage to US Hospitals that may be underinsured in areas such as negligence in clinical trials. The form also includes related claims (batch) language to improve clarity and cyber exclusion with carve back for bodily injury or property damage.
Commenting on the launch, Joseph Washington, Underwriting Manager for US Hospitals, said: “It has been a tough couple of years for healthcare, and US Hospitals face a challenging and ever changing risk landscape. More than ever, there is a real and growing need for innovative and customizable insurance protection. This is why we are so proud to rollout a product which meets the specific requirements of hospitals in the US and delivers the specialist protection they need.”
The evolution has, in part, been triggered by new regulations and greater dependency on technologies in healthcare. Focus Group Lead for US Hospitals at Beazley, Matt McCullaugh, commented: “The situation for US Hospitals is, in many ways, quite precarious. As we emerge from the pandemic and see new regulations coming into force, and especially in the context of an increasingly litigious world, you can see why this product is of such value.”
Beazley’s new offering is as much about prevention as it is remedy. Healthcare providers who take out the policy and choose to participate in Beazley’s unique Quality Indicator Return Premium (QuIRP) Program, can opt to incorporate an Artificial Intelligence-powered early warning system for labor and delivery into their risk management program as well. Through this program, Beazley is seeking to institutionalize procedures that, over time, should reduce claims and further support our hospital clients.
London distribution remains core to Beazley’s US Hospitals offering, but today’s announcement highlights Beazley’s appetite to further serve middle-market US hospital businesses.