Multiline property and casualty insurer ACE Group has announced four new medical liability coverage endorsements available for skilled nursing facilities, assisted living facilities, independent living units, and continuing care retirement communities.
The announcement comes as the US Department of Health and Human services stated that the likelihood Americans aged 65 and up will need long term care services is a whopping 70%. Official data also revealed that by 2020, this number will balloon to an estimated 20 million.
ACE Group’s new endorsements include Media Event Expense; Disciplinary Proceeding Defense; Emergency Evacuation Expense; and Patient Property Damage coverages.
“As long term care entities continue to expand capacity to support the aging American population, we are pleased to be able to offer unique specialty coverage endorsement options to help this sector mitigate future emerging risks,” said Caroline Clouser, executive vice president, ACE Medical Risk Group.
“The new endorsements reflect our continued commitment to provide comprehensive medical malpractice coverage options, offering greater protection to the healthcare industry.”
ACE Group operates in 54 countries. The company provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.
