Health care reform has thrown accountable care organizations into the limelight, and global insurance broker Willis has taken notice.
The company has launched an accountable care organization liability insurance policy to meet rising demand in the health care industry.
The product, developed in conjunction with IronHealth, a unit of Ironshore, offers coverage for stand-alone accountable care organizations addressing the risks and insurable liabilities associated with forming an ACO.
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Willis says the product will deliver a range of coverage options including: directors & officers liability, managed care operations liability, medical professional liability, general liability, third party privacy protection and first party privacy protection, fiduciary liability and billing errors and omissions liability.
Additional coverage features include a broad definition of insured, coverage for ACO managed care/claims administration services, and affirmation of the policy as primary for the ACO regardless of the existence of other insurance. The program also includes protection against antitrust and regulatory issues.
"This product is the first of its kind available on the market, underscoring Willis' commitment to innovation and helping our clients prepare for industry trends," says Frank Castro, National Health Care Practice Leader, Willis North America. "Health care delivery model changes will happen regardless of the fate of health care reform and we are very excited to partner with IronHealth to meet this client need."
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