Retail insurance broker William Gallagher Associates of Boston and Miller Insurance Services, a London-based independent specialist insurance broker, have partnered to launch Pandemic Disease Business Interruption Insurance to respond to loss of income arising directly out of shutdowns of healthcare facilities and diminished revenues in the aftermath of a quarantine.
The product is designed to be triggered by events such as the Dallas Ebola case, in which two nurses have been infected with the disease while caring for an afflicted patient.
Coverage is provided by the Ark Syndicate at Lloyd’s and is available through London-based insurers that are licensed in the U.S. and in other worldwide markets.
According to the brokers, the need for such coverage is “acute” as the Ebola virus and the Enterovirus threaten the operating capacity of global healthcare facilities, which they said could be a “potentially catastrophic” event for medical-related facilities.
Insurance coverage for lost revenue arising out of a non-physical damage event like a voluntary or involuntary quarantine of facilities and medical professionals is not available on most business interruption coverage forms, the companies said in the product announcement.
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