Allied World Bermuda has introduced a new accountable care organization (ACO) liability product, which caters coverage for newly emerging healthcare ACOs.
Previously, the insurer launched an ACO product for the US market for companies of any size or make-up, and now Bermuda ACO product is for customers, who plan to maintain the working layer of the ACO risk.
Allied World Bermuda & International Insurance president Frank D’Orazio said that public need, legislative directives and technological advances are challenging the model on which healthcare services are being paid and delivered.
"Our Bermuda healthcare team is well-versed in the new legislation and ready to assist our U.S. insureds and trading partners navigating this new landscape," D’Orazio added.
Allied World senior vice president Bermuda healthcare branch manager John Telenko commented, "Our product allows policyholders to select from an array of coverages, addressing unique exposures, to build a policy specialized to meet their distinctive needs."
The Bermuda ACO product coverage includes 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.
Formed in 2001, Allied World Assurance Company offers an assortment of insurance and reinsurance services to a global clientele and has offices in Atlanta, Bermuda, Boston, Chicago, Dublin, Farmington, London, New York, San Francisco.