Specialty insurer Beazley has announced the launch of a broad and flexible policy specifically for US hospitals called the AcuteCare form. The new policy underpins Beazley’s expansion plans in the US hospital professional liability space.
The AcuteCare form includes specialist protection and is unique in providing coverage to US hospitals that may be underinsured in areas like negligence in clinical trials, Beazley said. The form also includes related claims (batch) language to increase clarity and cyber exclusion with carve back for bodily injury or property damage.
“It has been a tough couple of years for healthcare, and US hospitals face a challenging and ever-changing risk landscape,” said Joseph Washington, underwriting manager for US hospitals at Beazley. “More than ever, there is a real and growing need for innovative and customizable insurance protection. This is why we are so proud to roll out a product which meets the specific requirements of hospitals in the US and delivers the specialist protection they need.”
The evolution in the risk landscape has been triggered in part by new regulations and greater dependence on technology in healthcare, Beazley said.
“The situation for US hospitals is, in many ways, quite precarious,” said Matt McCullaugh, focus group leader for US hospitals at Beazley. “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.”
The new offering focuses on prevention as well as remedy. Healthcare providers who take out the policy and choose to participate in Beazley’s Quality Indicator Return Premium Program can opt to incorporate an artificial intelligence-powered early warning system for labor and delivery into their risk management program. Through the program, Beazley is seeking to institutionalize procedures that, over time, should reduce claims.