Allied World Assurance Company Holdings, AG, has announced that Allied World Bermuda has launched a new accountable care organization (“ACO”) liability product that provides coverage for ACOs that are newly emerging health care organizations characterized by a payment and care delivery model that ties provider reimbursements to quality of care metrics and reductions in the total cost of care for an assigned population of patients.
Last year, Allied World launched an ACO product for the U.S. market for companies of any size or make-up. It said that this new ACO product was created for the Bermuda-centric health care clients who plan to maintain the working layer of the ACO risk – at least US$1 million – and are looking to secure excess capacity in the marketplace.
Frank D'Orazio, president of Bermuda and international insurance, commented, “Public need, legislative directives, and technological advances are challenging the model of how health care services are paid for and delivered. Health care organizations, particularly newly formed ACOs will face a host of new exposures on many fronts. Our Bermuda health care 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, an Allied senior vice president and Bermuda branch manager for health care, added, “Our team has over a decade of experience insuring health care providers, hospitals and physicians — as well as HMOs, PPOs, and IPAs. 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.”
Allied World Bermuda's ACO product is built off a central errors and omissions (“E&O”) policy. ACOs can select different retentions and also can purchase shared or separate limits between certain coverages. Coverages include errors and omissions liability, regulatory claims coverage, medical professional liability (including general liability), privacy liability and network risk, directors and officers liability, employment practices liability, fiduciary liability, and crime coverage.
Learn more: www.awac.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].