Allied World Bermuda has launched a new accountable care organization (ACOs) liability product for Bermuda-based clients. The product provides coverage for ACOs – newly emerging healthcare organizations characterized by a payment and care delivery model that ties provider reimbursements to quality of care metrics and reductions in the total cost of care for an assigned population of patients.
Last year Allied World launched an ACO product for the U.S. market for companies of any size or makeup, and this year Bermuda ACO product has been created for the Bermuda-centric healthcare clients who plan to maintain the working layer of the ACO risk – at least $1 million – and are looking to secure excess capacity in the marketplace.
Allied World Bermuda’s ACO product is built off a central errors and omissions (E&O) policy. ACOs can select different retentions and can also purchase shared or separate limits between certain coverages.
Coverage options include errors and omissions liability, regulatory claims coverage, medical professional liability (including general liability), privacy liability and network risk, directors and officers liability, employment practices liability, fiduciary liability and crime coverage. Furthermore, a number of coverage options come with risk management components built in.
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