AWAC Launches Accountable Care Product
Allied World Assurance Company Holdings, AG has launched a new Accountable Care Organization Liability Solution product.
Accountable Care Organizations (ACOs) are newly emerging healthcare organizations that are characterized by a payment and care delivery model that ties provider reimbursements to quality metrics and reductions in the total cost of care for an assigned population of patients.
Gordon Knight, President of Allied World U.S. commented, “Healthcare reform has placed us at the forefront of a changing healthcare landscape. We are pleased to be able to provide a coverage solution that is flexible, modular and, most importantly, addresses the many new exposures Accountable Care Organizations will face.”
“Allied World’s ACO policy will allow insureds to customize and build an array of coverages that fit their specific exposures and risk purchase appetite, while ensuring that gaps are reduced,” commented Cindy Oard, Senior Vice President, US Healthcare Practice Lead for Allied World U.S.
Coverage is built off the core Errors and Omissions (E&O) policy. ACOs can select different retentions and can also purchase shared or separate limits between certain coverages.
Coverage solutions 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. Furthermore, a number of coverage solutions come with risk management components built in.
By recognizing the new and emerging trends and exposures, Allied World is able to demonstrate its commitment to the healthcare industry. “We understand that it will be difficult for ACOs to distinguish between the liabilities associated with the organization and its individual members. This new solution uses a combined form that will enable ACOs to minimize grey areas,” said Oard.
