Philadelphia Insurance Cos. has started offering coverage for sleep centers and laboratories, a growing industry designed to help combat serious health problems that cost the economy millions of dollars.
Scientists have identified more than 80 sleep disorders, including insomnia, sleep apnea, narcolepsy and restless leg syndrome. The journal Sleep published a study in 2011 that estimates insomnia costs the U.S. economy $63 million each year.
“We’ve identified this market as a growing industry due to improved diagnosis and treatments to help people affected by sleep disorders,” said Eric Martinson, underwriting manager for Philadelphia Insurance. “Providing insurance for sleep centers and labs is a natural fit and complement to many of the coverages we already provide under our Human Services division.”
Philadelphia’s coverage includes general and professional liability, as well as property insurance for independently owned and operated centers. Coverage is not available for centers owned by or affiliated with hospitals, universities or nursing homes.
Sleep centers are laboratories or other clinical facilities equipped to diagnose and treat sleep disorders. With an estimated 50 to 70 million U.S. adults facing sleep disorders according to the Centers for Disease Control and Prevention, this could be a big growth area for the company.
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