ACE USA, the U.S.-based retail operations of the ACE Group, today announced the introduction of four new coverage endorsements to include: Media Event Expense, Disciplinary Proceeding Defense, Emergency Evacuation Expense, and Patient Property Damage, by its ACE Medical Risk & Life Sciences Division. The new endorsements are designed to supplement ACE’s current Primary Hospital and Miscellaneous Healthcare Facilities Professional and General Liability product offerings. In addition, the endorsements provide reimbursement for unplanned expenses that these entities may incur when a harmful event happens.
“ACE continues to demonstrate its commitment to the unique specialty coverage needs of the healthcare industry,” said Caroline Clouser, Executive Vice President, ACE Medical Risk & Life Sciences. “We are pleased to offer these additional coverage endorsement options to help alleviate concern among hospitals and healthcare facilities as they seek to mitigate risks in the face of an unforeseen event. The new endorsements help to provide peace of mind for the facilities and their patients in the event that any of these unanticipated incidents may occur.”
The new endorsements include the following coverages and benefits:
Media Event Expense Coverage Endorsement:Provides reimbursement limits up to $25,000 for expenses incurred by the insured as a result of a media event. The endorsement helps a facility mitigate the financial and reputational risk associated with negative media attention or publicity resulting from an incident, claim or investigation. Disciplinary Proceeding Defense Coverage Endorsement: Provides reimbursement limits up to $20,000 for expenses incurred by an insured in the course of a disciplinary proceeding. The endorsement provides reimbursement for legal fees and expenses required to defend an insured provider if an investigation, proceeding or other pending matter is instituted by a federal or state professional licensing board against the insured. Emergency Evacuation Expense Coverage Endorsement: Provides reimbursement limits up to $25,000 for expenses incurred by the insured as a result of an emergency evacuation of the premises. The coverage endorsement helps to decrease the financial impact of an emergency situation that requires an evacuation of patients. Reimbursement is available for certain expenses incurred as a result of the evacuation, including the costs associated with the transportation and relocation of patients.