Hiscox: Terror Coverage For US Hospitals
Bermuda’s Hiscox Ltd. today [Nov.30] released a new insurance product designed to protect US hospitals from the threat of terrorist attacks.
The new product, developed by Hiscox’s Hamilton, Bermuda-based health care unit, is the first terrorism coverage offering in the US marketplace crafted specifically for the health care industry, the company said in a statement.
Hospitals, physician offices, medical researchers and long-term care providers represent a “soft target” for terrorist attacks by virtue of their low degree of security and high casualty potential, the statement said.
One successful attack on a medical treatment facility could have lasting effects on the nation’s entire health care system, the company said, as well as expose that facility and its executives to “a wide range” of regulatory and civil liabilities.
“Healthcare institutions in the United States have a genuine vulnerability to the terrorist threat whether perpetrated by single issue, direct action groups such as animal rights or anti-abortion organizations, disturbed/disgruntled individuals, or religious extremists,” Ian Thompson, a senior vice-president at Hiscox Bermuda, said in a statement.
The new product offers up to $50 million of comprehensive terrorism liability coverage and nuclear, chemical, biological and radioactive terrorism coverage, as well as reimbursement for evacuation, safe notification and triage expenses.
Hiscox Ltd. is a Bermuda-incorporated insurance provider, listed on the London Stock Exchange.
An underwriter at Lloyd’s of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at companies and high net worth individuals, as well as cover against such risks as hacking, kidnapping and satellite damage.
