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
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:
* Optional by endorsement
- Medicare and Medicaid billing investigations
- False Claims Act allegations
- Commercial Payor actions*
- Stark actions*
- EMTALA actions*
- HIPAA actions*
, 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
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in
, the US,
. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of
. All Lloyd's syndicates are rated A by A.M. Best.
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.