With nearly 20 years’ experience underwriting large and middle-market hospitals and healthcare systems globally, market-leading insurer Beazley has launched a broad and flexible policy specifically for US hospitals, called the AcuteCare form. While London distribution remains core to Beazley’s US Hospitals offering, the launch of this specialist policy will enable Beazley to focus more on the middle-market US hospital business by broadening its distribution locally.
The AcuteCare form comprises specialist protection and is unique in that it provides coverage for areas that US Hospitals may be under-insured in, 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.
Beazley’s new offering is as much about prevention as it is about 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 seeks to institutionalize procedures that, over time, should reduce claims and further support our hospital clients.
Commenting on the US launch, Charlotte Fincham, Beazley Underwriter for US Healthcare, 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 customisable insurance protection. This is why we are so proud to roll out a product which meets the specific requirements of hospitals in the United States and delivers the specialist protection they need.”
The move has, in part, been triggered by new regulations and greater dependency on technologies in healthcare in the US. 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.”