5 March 2014 Insurance

Berkshire Hathaway launches healthcare umbrella policy

Berkshire Hathaway Specialty Insurance (BHSI) has introduced a healthcare umbrella policy designed to address the exposures of large medical providers in today’s ever-changing healthcare environment.

“With input from healthcare risk managers, brokers and our own healthcare claims specialists, we created a form that is clear in intent and current in addressing the reality of the world in which healthcare providers are operating,” said Greg Hamlin, vice president of healthcare professional liability.

Reflecting the industry’s widespread consolidation, the policy provides a definition of insured, which encompasses new entities acquired or created by the named insured, according to BHSI.

The policy’s contractual liability coverage section specifically addresses accountable care organizations, and the policy includes coverage for clinical trials in the definition of professional medical services.

The policy also provides business crisis and reputation protection benefits tailored for healthcare customers. Policyholders are also reimbursed for the costs of pre-approved risk management services.

"With this new form, we have laid the foundation for an ongoing relationship with our customers. From its flexible, modular format, to the absence of a hammer clause in claims, the form embodies our commitment to collaborating with healthcare providers to most effectively manage risk," said Robert Romeo, vice president of healthcare and construction claims.

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