(PRWEB) May 02, 2013
IronHealth, the specialty healthcare unit of Ironshore Inc., announces an enhancement to its innovative Lead Excess Umbrella and Follow-Form Excess Hospital Professional Liability (HPL) policies. Hospital insureds and their brokers are no longer required to select amongst IronHealth’s seven event-specific, drop-down coverage options at the time of binding. IronHealth’s HPL policies now provide that all drop-down coverages are available throughout the policy period, along with a preset limit of liability coverage per event. This will be subject to an overall aggregate limit of liability under the terms of the policy.
The latest healthcare reform creates new and challenging coverage issues that hospital administrators must address to secure flexible, comprehensive professional liability insurance. Ironhealth’s HPL policy enhancement responds to the needs of hospital insured’s by providing drop-down coverage protection when unforeseen events occur, rather than require hospital clients to identify potential coverage needs at the outset of policy underwriting. Applicable drop-down options will be triggered by the specific incident, thereby enabling hospitals to benefit from any or all of the coverage features for separate events that may occur during the policy period.
“IronHealth introduced the concept of drop-down coverage for our Umbrella and Follow-Form Excess HPL policies over four years ago, allowing our broker partners to provide more comprehensive coverage options for their hospital clients. Predicting unforeseen events, such as a facility evacuation, MRSA outbreak, or other crisis, at the outset of the policy period proved to be a difficult task. The HPL enhancement now eliminates the need for hospital clients to anticipate possible occurrences and instead, offers flexibility of coverage designed for event-specific protection,” said Matt Dolan, President of IronHealth.
Ironshore provides broker-sourced specialty property insurance, U.S. property insurance and casualty coverage for varying risks on a global basis through its multiple international platforms. The Ironshore group of insurance companies is rated A- (Excellent) by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A (Excellent) by A.M. Best and A+ (Strong) from both Standard & Poor’s and Fitch. For more information, please visit http://www.ironshore.com.