Lloyd’s Chairman Max Taylor in a speech at the annual conference of the Physician Insurer Association of America (PIAA) said that the crisis in health coverage was becoming more serious, and that insurers and health care providers must work more closely together together to assure continued coverage.
Taylor cited recent damage awards as being one of the main sources of the problem. “With jury verdicts in response to ‘elders abuse’ now often in excess of $1 million and rising, and the media closely highlighting examples of poor standards of care, the long-term healthcare industry has seen its reputation nosedive. As a result, many insurers are leaving the market, ” said Taylor.
Lloyd’s has continued to provide coverage to doctors, hospitals and other health care facilities, when it became extremely difficult to obtain from other sources.
“Lloyd’s has remained in the market, providing insurance products during the healthcare crisis in the 1970’s, 1980’s and now in the year 2000. We will continue to use our risk management experience to work alongside long-term healthcare organizations, taking practical steps to improve conditions, and enabling us to provide appropriate coverage,” Taylor concluded.
Was this article valuable?
Here are more articles you may enjoy.