ACE USA’s Medical Risk & Life Sciences Division has introduced four new coverage endorsements: media event expense, disciplinary proceeding defense, emergency evacuation expense, and patient property damage. The new endorsements are designed to supplement ACE’s current primary hospital and miscellaneous healthcare facilities professional and general liability product offerings. In addition, the endorsements provide reimbursement for unplanned expenses that these entities may incur when a harmful event happens.
The new endorsements include the following coverages and benefits:
- Media Event Expense Coverage Endorsement- provides reimbursement limits up to $25,000 for expenses incurred by the insured as a result of a 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 limits up to $20,000 for expenses incurred by an insured in the course of a disciplinary proceeding. The endorsement provides reimbursement for 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 limits up to $25,000 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 limits up to $5,000 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 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 and Life Science’s liability 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 package policy that includes property, auto and crime coverages through its Life Sciences unit.