Beazley Launches Healthcare Regulatory Liability Coverage To Respond To Actions For Billing Errors And Omissions
CHICAGO, March 22, 2012 /PRNewswire/ -- Beazley Group plc (BEZ.L) announced today the introduction of a new Healthcare Regulatory Liability policy to protect policyholders against errors & omissions claims brought by or on behalf of governmental entities. Uniquely, the policy also responds to billing claims brought by commercial payors.
Coverage includes defense reimbursement and external forensic audit expenses. Unlike other forms, it also covers civil fines and penalties. The policy is available on a surplus lines basis with a limit capacity up to $10,000,000.
Healthcare providers face a growing number of exposures as they navigate a highly regulated landscape. Beazley's coverage protects providers against the consequences of a range of regulatory violations, including:
- Medicare and Medicaid billing investigations
- False Claims Act allegations
- Commercial Payor actions*
- Stark actions*
- EMTALA actions*
- HIPAA actions*
* Optional by endorsementNat Cross, head of Beazley's global healthcare professional liability team, said: "Increasing regulatory scrutiny has prompted many of our healthcare clients to seek coverage for this type of risk. We have listened to their concerns and have developed a form of coverage that provides robust protection for a wide range of exposures." Beazley is a leading underwriter of hospital professional liability insurance, with a strong focus on well managed institutions, including a quarter of Healthgrades' top hospitals in the US and 15% of US News & World Report's best hospitals. Note to editors: Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best. Beazley USA Services, Inc. is licensed and regulated by insurance regulatory authorities in the respective states of the US and transacts business in the State of California as Beazley Insurance Services (License#: 0G55497). Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's. 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.
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