31 July 2013Re/insurance

Allied World Bermuda launches liability coverage for ACOs

Allied World Bermuda has launched a new liability product aimed at Bermuda-centric Accountable Care Organisations, healthcare organisations characterised by a payment and care delivery model tying provider reimbursements with quality care metrics and cost reduction.

The product is built off of a central errors and omissions policy. ACOs can select different retentions and purchase shared or separate limits between coverages including medical professional liability, privacy liability and network risk, directors and officers liability and regulatory claims coverage.

Frank D’Orazio, president, Bermuda & International Insurance commented: “Public need, legislative directives and technological advances are challenging the model of how healthcare services are paid for and delivered. Healthcare organizations, particularly newly formed ACOs will face a host of new exposures on many fronts. Our Bermuda healthcare team is well-versed in the new legislation and ready to assist our U.S. insureds and trading partners navigating this new landscape.”

John Telenko, Senior Vice President, Bermuda branch manager – healthcare added: “We understood there was a void in the market to provide a comprehensive and flexible coverage solution addressing the new risks that ACOs will encounter. Our product allows policyholders to select from an array of coverages, addressing unique exposures, to build a policy specialized to meet their distinctive needs.”