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CHICAGO, ILL., June 8, 2015 (GLOBE NEWSWIRE) -- Beazley Group (BEZ.L), a leading specialist insurer of risks affecting healthcare providers, has launched Beazley Remedy™, the first admitted management liability coverage that includes a regulatory liability coverage option.
Healthcare providers operate in an increasingly hazardous regulatory environment, with highly complex coding requirements. Providers across the country are readying their systems and processes for the ICD-10 revision mandate scheduled for October 1 of this year. Beazley Remedy offers robust coverage for both unexpected government investigations and commercial payor lawsuits. The regulatory liability coverage, provided under one of the four insuring clauses within the policy, covers defence costs, external forensic audit expenses and medical expert fees, as well as civil fines and penalties.
The other three insuring clauses within the policy cover directors' and officers' (D &O) risks (with specific adaptations for healthcare providers), employment practices liability (EPL) exposures, and fiduciary liability risks. The coverage is highly flexible, enabling clients to select combined or separate limits under any or all of the four insuring clauses on an admitted or a surplus lines basis.
Kelly Webster, healthcare management liability focus group leader at Beazley, said:
"Beazley is a pioneer in covering regulatory liability risks, launching our first standalone policy in March 2012. We're delighted now to have been able to respond to the demand from our brokers and clients to include this protection in a significantly enhanced management liability policy. I am confident that Beazley Remedy will rapidly come to be seen as setting a new standard for high quality management liability protection for healthcare providers."
In recent years, Beazley has established a strong reputation as a provider of well designed insurance coverage and risk management services to a wide range of healthcare providers, including over a quarter of Healthgrades' top hospitals in the US and eleven (out of 18) of the honor roll hospitals and seven (out of 10) of the pediatric honor roll hospitals as listed by US News and World Report.
Hospitals and health systems, academic medical centers, long term care facilities and physician groups are among the healthcare providers eligible for Beazley Remedy's regulatory liability coverage. Providers of a wide array of other healthcare services are eligible for the D &O, EPL and fiduciary liability coverage afforded under the policy. A list of the healthcare entities Beazley underwriters will consider covering under Beazley Remedy, together with detailed information on the coverage available, can be seen here. In addition to insuring healthcare providers against management liability and professional liability risks, Beazley is a leading insurer of data breach risk for healthcare organizations.
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