OneBeacon Unveils New Physicians Policy

OneBeacon Professional Insurance, a member of Bermuda-domiciled OneBeacon Insurance Group, today [Nov. 1] announced that it is expanding its health care offerings to include a stand-alone extended reporting period [ERP] policy for physicians who require claims-made professional liability coverage due to changing employment status or moving from one state to another.

Said Steven Spina, president Health Care Division at OneBeacon Professional Insurance, “Due to health care reform laws, hospitals, clinics, HMOs and other health care institutions are aligning with physicians via employment contracts. Our stand-alone ERP policy offers competitive options versus an endorsement to an existing policy.”

Features and benefits of the product include a new set of limits, deductible options, broad coverage including defense costs paid in addition to limits of liability, and specialized claim handling by a team with law and clinical backgrounds. The product is available in most physician specialties on a national basis, except where prohibited.

OneBeacon Professional Insurance is a member of OneBeacon Insurance Group that specialises in professional liability solutions for targeted industries including hospitals, long-term care facilities, medical facilities, physician groups, media organisations, lawyers, real estate professionals, design professionals, financial services and technology providers. Additionally, OneBeacon Professional Insurance provides employment practices liability insurance, management liability and tailored products for complex organizations including health care provider excess insurance and HMO reinsurance. General liability, property and workers compensation coverages are also available for financial institutions.

OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange. OneBeacon’s underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies.

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