AXIS Healthcare, the division of Bermuda-based AXIS Insurance which provides professional liability insurance for physician groups, hospitals and allied healthcare facilities, has launched a new medical catastrophe (contagion) business interruption product for hospitals in the US and Canada.
The AXIS Healthcare Medical Catastrophe Business Interruption and Extra Expense product will protect against a loss of revenue caused by the outbreak of a contagious disease.
This includes coverage for any disease that is transmitted by direct or indirect contact. These diseases include bubonic plague, MRSA, Legionnaires’ Disease, Middle East Respiratory Syndrome (MERS), Hantavirus, and SARS, as well as West Nile Virus, HIV, Ebola Virus, Marburg Virus, Lassa Fever, Influenza and Bird Flu. Lesser-known viruses or plagues are also incldued.
The new product will also provide coverage for diseases that have not yet been discovered by science, or a disease that could mutate into a pandemic at some point in the future.
“AXIS Healthcare’s medical catastrophe coverage represents an industry first, and we are pleases to be able to offer North American hospitals a new tool to safeguard their critical operations against pandemics and other disease outbreaks,” said Peter Wilson, president of AXIS Insurance’s US operations.
Kimber Lantry, head of AXIS Healthcare, added: “Our new Medical Catastrophe Business Interruption and Extra Expense coverage serves as a critical need in the healthcare marketplace that has thus far hone unaddressed by the insurance industry."
AXIS Healthcare, AXIS Insurance, Peter Wilson, Kimber Lantry, Bermuda, North America