Market-leading insurer Beazley has announced that it has launched the AcuteCare form – a broad and flexible policy specifically for US hospitals.
The AcuteCare form comprises specialist protection and is also unique due to the fact that it provides coverage for areas that US Hospitals may be under-insured in, such as negligence in clinical trials.
The policy also includes related claims (batch) language to improve clarity, and cyber exclusion with carve back for bodily injury or property damage.
However, while London distribution remains core to Beazley’s US Hospitals offering, the launch of this brand new specialist policy will enable the insurer to focus more on the middle-market US hospital business by expanding its distribution locally.
Furthermore, 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 AI-powered early warning system for labor and delivery into their risk management program as well.
Beazley noted that through this program, they seek to institutionalize procedures that, over time, should reduce claims and further support their 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.”
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.”
