What we offer
Beazley launched its regulatory liability coverage in March 2012 and has continued to update and create enhancements. Beazley was one of the first to provide a true risk transfer solution to the market and arguably the first to provide a risk transfer product to the larger provider.
This coverage can now be purchased as part of a package within the Healthcare management liability suite called Beazley Remedy. Regulatory billing E&O coverage can be purchased by itself or in conjunction with D&O, EPL and Fiduciary. The limits can be written shared or separate. A variety of options for retentions, coinsurance, limits and retro dates can be quoted.
- Dedicated regulatory billing errors and omissions clause
- Coverage for stark, anti-kickback and false claims act allegations
- Defense only option for governmental investigations, voluntary notifications and commercial payor actions
- Ability to purchase higher limits inclusive of defense, forensic experts and civil fines and penalties coverage
- Coinsurance between 10 and 50%
- Flexibility around retroactive coverage.
Up to US $20,000,000
Minimum retention of $250,000
Minimum of 10% coinsurance
Optional retroactive buy back coverage for up to 3 years
How can we help
Beazley's Healthcare Regulatory product is designed to respond to actions brought by or on behalf of government entities for billing errors and omissions. Our policy also covers claims brought by commercial payors and defense expenses for formal voluntary disclosures to the government. Coverage includes attorney fees, external auditor and medical expert costs associated with defending these claims as well as fines and penalties and damages attributed at the time of settlement. Our reimbursement policy is available in all 50 states.
Who we can help
- Not-for-profit hospitals and health systems
- Not-for-profit medical clinics and long term care facilities
- For-profit physician groups.
All risks with over $35,000,000 of revenue annually
Where Is This Offered?
The Beazley Difference
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
STRIVING FOR BETTER
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
DOING THE RIGHT THING
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
Examples or Scenarios
While the False Claims Act imposes liability on all people and entities that have defrauded governmental programs, it has a special importance for healthcare. In fiscal year ending in 2017, the Department of Justice obtained $3.7 billion in False Claims Act recoveries. $2.4 billion of this was recovered from the healthcare industry.
The 2017 False Claims Act annual recovery was the 8th consecutive year the DOJ’s recoveries have exceeded $3 billion, suggesting this is a new ‘normal’.
While settlements have been reached in almost every US state, states that have enacted their own version of the False Claims Act can also seek recoveries through state government, resulting in higher total settlement amounts.
The Qui Tam mechanism allows individuals with evidence of fraud against the federal programs to sue on behalf of the government. In 2017, whistle-blowers earned more than $392M in share awards.