For employers purchasing benefits on behalf of their employees, through its US-based Darwin subsidiary
Allied World Assurance Company Holdings (Allied World) has introduced a new Benefit Plan Purchaser Liability policy for employers purchasing benefits on behalf of their employees, through its US-based Darwin subsidiary.
The Benefit Plan Purchaser policy provides coverage of up to $25 million. It is available on either a duty-to-defend or indemnity basis and provides Errors and Omissions (E&O) coverage for any healthcare, vision, dental, disability, worker’s compensation, prescription benefit management or flexible spending plan, that is offered to participants.
The policy provides coverage for a number of services like provider selection, utilisation review, selling and claims services. It also covers administrative duties associated with retirement or pension benefits, said the company.
Susan Chmieleski, senior vice president, Healthcare Product & Risk Management, said: “As the first carrier to develop a new benefit plan purchaser form in ten years, we are incorporating newer issues, like regulatory concerns, that weren’t a priority ten years ago.”
Darwin is a US-based specialty insurance group which focusses on the professional liability insurance market and underwrites errors.