Hiscox has launched a terrorism liability product designed specifically for healthcare risks such as hospitals, physician offices, researchers and long-term care providers.
The carrier says the product, which was designed by the Hiscox Bermude healthcare team, is the first specific offering of its type in the U.S. market.
In a country that has seen heightened awareness for terrorism over the past 10 years, healthcare facilities are considered soft targets. Most facilities have a low level of protection and a high throughput of people, and one attack would ripple across the entire U.S. healthcare system.
“Healthcare institutions in the U.S. have a genuine vulnerability to the terrorist threat whether perpetrated by single issue, direct action groups such as animal rights or anti-abortion organizations, disturbed/disgruntled individuals, or religious extremists,” said Ian Thompson, SVP of Healthcare for Hiscox.
If an attack occurred, the hospital and executives could face severe regulatory and civil liabilities. The new product from Hiscox offers up to $50 million in comprehensive terrorism liability coverage.
Nuclear, chemical, biological and radiation coverage is available. The product can also cover the costs associated with evacuation, surge, safe notification and triage. Crisis consultants are available for some risks.
The terrorism product may be purchased along Hiscox’s hospital professional liability product.
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