Coverage designed to respond to actions brought by, or on behalf of, government entities for billing errors and omissions.
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.
Up to US $20,000,000
Minimum retention of US $250,000
Minimum of 10% coinsurance
Optional retroactive buy back coverage for up to 3 years
Our 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.
All risks with over US $35,000,000 of revenue annually
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.
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.
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.
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.
In recent years, the telehealth space has grown significantly, including countless new entrants into the market. These businesses can run the gamut in size. As a virtual care insurer, we see insured go from the pre-revenue phase, through IPO, and eventually to billion-dollar revenues.