Posted on 08 Oct 2012 by Neilson
ACE USA, the U.S.-based retail operations of the ACE Group, today announced the introduction of the Privacy and Network Security Liability Endorsement to both the Healthcare Facilities and Managed Care Organization policies. This endorsement is designed to complement ACE Medical Risk’s already expansive Professional Liability, General Liability, and Errors and Omissions policies, and offers insurance to help protect computer networks and websites, as well as safeguard sensitive patient, customer, employee, and third-party corporate information.
“Healthcare organizations continue to face challenges in complying with the Health Insurance Portability and Accountability Act (HIPAA), and the Health Information Technology for Economic and Clinical Health (HITECH) Act -- when handling medical records -- especially as more organizations are moving toward an electronic record format in response to the current incentive payments offered by the Department of Health & Human Services,” said Anthony Dagostino, Vice President, ACE Professional Risk. “The significant rise in data breaches in managed care organizations, healthcare facilities, and hospital systems has created a need for them to secure privacy insurance. This innovative product combines insurance protection with a broad choice of expert resources to help policyholders reduce the likelihood of a data breach, provide immediate assistance in the event of a breach, and develop a strong response against possible ensuing regulatory or legal actions.”
“Healthcare facilities face significant liability when confidential medical records are lost or compromised,” said Caroline Clouser, Executive Vice President, ACE Medical Risk & Life Sciences. “Not only does this new endorsement help policyholders manage their privacy and network risk, but it also includes access to the ACE Data Breach Team. In essence, this team can assist with fraud consultation, identity restoration, monitoring services and required notifications, all in an effort to help protect the reputation of our customers.”
ACE helps managed care organizations and healthcare facilities mitigate the financial and reputational risks associated with privacy breaches, covering first-party expenses, third-party liability claims, and providing access to a suite of data breach specialists and other important benefits. These benefits include:
- Access to the Data Breach Team, an independent panel of specialists in the legal, computer forensics, notification, call center, public relations, fraud consultation, credit monitoring, and identity restoration service areas, addressing both financial and medical identity theft
- Free access to the eRisk Hub® , a web-based loss prevention resource containing information and technical resources to help policyholders manage their privacy and network risk
- Coverage for breaches of confidential patient, consumer, corporate, and employee information
- Coverage for Wrongful Acts of an Insured and its service providers such as Business Associates as defined under HIPAA and HITECH
- Coverage for regulatory fines and penalties, including HIPAA and HITECH
ACE Medical Risk & Life Sciences, a division of ACE USA, provides primary and excess medical professional liability for hospitals and miscellaneous healthcare facilities, and managed care errors and omissions coverage. Its other offerings include products liability for clinical trials, biotechnology, and specialty pharmaceutical companies, as well as a comprehensive package policy that includes property, auto and crime coverages.
ACE Professional Risk, a division of ACE USA, is staffed by a specialized team of innovative underwriters and provides management liability and professional liability products throughout the U.S.
Product highlights are summaries only; please see the actual policy for terms and conditions. Products may not be available in all locations and remain subject to ACE Professional Risk and ACE Medical Risk’s underwriting criteria. ACE USA shall not be a party to any agreement entered into between any Data Breach Team service provider and an ACE policyholder. It is understood that Data Breach Team service providers are independent contractors and are not agents of ACE USA. ACE USA assumes no liability arising out of any services rendered by a Data Breach Team service provider.
ACE USA is the U.S.-based retail operating division of the ACE Group, headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.acegroup.com/us.