Beazley launches new policy for US hospitals

Beazley launches new policy for US hospitals

Specialty insurer Beazley has announced the launch of a broad and flexible policy specifically for US hospitals called AcuteCare form. The new policy underpins Beazley’s plans to expand into US hospital professional liability.

The AcuteCare form includes specialized protection and is unique in that it provides coverage for US hospitals that may be underinsured in areas such as clinical trial negligence, Beazley said. The form also includes related claims language (in batches) to increase clarity and cyber exclusion with a caveat for bodily injury or property damage.

“It’s been a tough two years for healthcare, and US hospitals face a challenging and ever-changing risk landscape,” said Joseph Washington, head of US hospital underwriting at Beazley. “More than ever, there is a real and growing need for innovative and customizable insurance protections. That is why we are so proud to deploy a product that meets the specific requirements of hospitals in the United States and offers the specialized protection that they need.

The changing risk landscape has been triggered in part by new regulations and a greater reliance on technology in healthcare, Beazley said.

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“The situation for American hospitals is, in many ways, quite precarious,” said Matt McCullaugh, focus group leader for American hospitals at Beazley. “If we come out of the pandemic and see new regulations come into effect, and especially in the context of an increasingly litigious world, you can see why this product has such value.”

The new offering emphasizes prevention as well as cure. Healthcare providers who purchase the policy and choose to participate in Beazley’s Quality Indicators Return Bonus Program can choose to integrate an artificial intelligence-powered early warning system for labor and delivery in their risk management program. Through the program, Beazley seeks to institutionalize procedures that, over time, should reduce claims.

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