ACE Expands Liability Coverage for Elder Care Facilities: Assisted Living, Skilled Nursing, Independent Living Units, & Conti...
April 16 2015 - 5:23PM
Business Wire
- New Endorsements Provide Protection to
Long Term Care Facilities and Their Patients for Unforeseen Adverse
Events
ACE Group today announced the introduction of four new medical
liability coverage endorsements, specifically designed to provide
more comprehensive protection to the expanding long term care
healthcare sector. According to the U.S. Department of Health and
Human services, individuals who are 65 years of age today will have
approximately a 70 percent chance of needing long term care
services during the remainder of their lifetime.1 By 2020, the
overall number of people expected to need long term care will be an
estimated 12 million.2
The new endorsements include: Media Event Expense; Disciplinary
Proceeding Defense; Emergency Evacuation Expense; and Patient
Property Damage coverages. These are available for skilled nursing
facilities, assisted living facilities, independent living units,
and continuing care retirement communities. Designed to supplement
ACE’s current Long Term Care Facilities Professional and General
Liability product offerings, the endorsements offer reimbursement
for unplanned expenses that long term care entities may face if a
harmful event occurs.
“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.”
The new long term care facility endorsements include the
following coverages and benefits: (Limits up to $25,000; additional
limits may be available based upon our underwriting guidelines and
account characteristics.):
- Media Event Expense Coverage
Endorsement:Provides reimbursement for expenses incurred by the
insured as a result of a covered media event. The endorsement helps
a facility mitigate the financial and reputational risk associated
with negative media attention, or publicity resulting from an
incident, claim, or investigation.
- Disciplinary Proceeding Defense
Coverage Endorsement:Provides reimbursement for expenses
incurred by an insured in the course of a disciplinary proceeding.
The endorsement provides reimbursement for covered legal fees and
expenses required to defend an insured provider if an
investigation, proceeding, or other pending matter is instituted by
a federal or state professional licensing board against the
insured.
- Emergency Evacuation Expense
Coverage Endorsement:Provides reimbursement for expenses
incurred by the insured as a result of an emergency evacuation of
the premises. The coverage endorsement helps to decrease the
financial impact of an emergency situation that requires an
evacuation of patients. Reimbursement is available for certain
expenses incurred as a result of the evacuation, including the
costs associated with the transportation and relocation of
patients.
- Patient Property Damage Coverage
Endorsement:Provides reimbursement for property damage to
patient’s personal property while the patient is being treated at
the facility. The endorsement helps defray the cost of claims by
patients for certain lost, stolen, or damaged articles. The
aggregate limit of insurance for the various endorsements is
separate from, and does not erode, the professional liability or
general liability limits of insurance. Further, the limits are not
subject to any policy deductibles.
ACE Medical Risk Group offerings include primary and excess
medical professional liability for hospitals, and miscellaneous
healthcare facilities, and managed care errors and omissions
coverage. In addition, ACE offers products liability for clinical
trials, biotechnology, and specialty pharmaceutical companies, as
well as a comprehensive package policy that includes property, auto
and crime coverages through its Life Sciences unit. To learn more
about ACE Medical Risk Group’s products and services, please visit
our website.
Insurance is provided by insurance companies within ACE Group.
All products may not be available in all jurisdictions. The product
information above is a summary only. The insurance policy actually
issued contains the terms and limits of the contract.
About ACE Group
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, ACE provides
commercial and personal property and casualty insurance, personal
accident and supplemental health insurance, reinsurance, and life
insurance to a diverse group of clients. ACE Limited, the parent
company of ACE Group, is listed on the New York Stock Exchange
(NYSE: ACE) and is a component of the S&P 500 index. Additional
information can be found at www.acegroup.com, or follow ACE on
Twitter, https://twitter.com/ACEGroupNA.
1
http://longtermcare.gov/the-basics/how-much-care-will-you-need/2
http://news.morningstar.com/articlenet/article.aspx?id=564139
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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