In order to better align with changing reimbursement models and other directives, small managed care organizations are altering their structures. Allied World’s 365Complete® meets their needs by combining several individual specialty liability options.
PRODUCT: 365Complete®
COMPANY: Allied World Insurance Company
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through appointed agents and brokers.
FOCUS: Today’s health care environment is extremely complex. The Affordable Care Act has created a number of complicated changes in the way health care entities conduct their business. In order to better align themselves with changing reimbursement models and other directives, small managed care organizations are altering their structures.
Allied World’s 365Complete® meets the needs of these managed care organizations by combining several individual specialty liability options, including managed care errors & omissions, cyber and health care management liability. The program blends these options into one single-source solution that covers more—and costs less—than piecing different policies together.
“We have built proactive, value-added risk management programs into the policy, available at no additional cost,” explains Kerry Stetz, vice president and health care management liability product manager, Allied World. “This includes online portals that address and help mitigate cyber and employment practices concerns.”
Originally created in 2008, 365Complete® was a package policy that offered E&O, management liability and privacy components to smaller managed care organizations. The new version expands the number of managed care clients who qualify for this coverage by increasing the revenue threshold from $50 million to $100 million, Stetz explains: “The expanded version now contains heightened cyber protection to provide small managed care organizations the tools they need to respond to a breach.”
UNDERWRITING: Coverage options include E&O, consisting of managed care and professional services coverage; cyber coverage; and management liability coverage, which includes directors & officers, employment practices liability and fiduciary liability coverage.
Worldwide coverage includes duty to defend; regulatory claims; anti-trust; final adjudication language in fraud exclusion; punitive damages with most favorable venue; plaintiffs’ attorney fees where legally obligated to pay. Proactive risk management programs are available at no additional cost. Limits extend to $10 million on a surplus lines basis.
An added feature for policyholders is cyber risk management via Allied World eRisk Hub®. Clients receive access to an online cyber risk management resource that includes an incident evaluation roadmap to report problems; news and learning centers; policy templates; information security; and privacy-related white papers.
Clients who purchase health care management liability coverage also receive direct access to a toll-free employer helpline and an online human resources compliance portal. Services include personalized assistance on human resources and employment law questions, online tools and valuable resources, and monthly HR express updates on the latest state and federal workplace regulations.
MINIMUM PREMIUM: Varies.
TARGET: Managed care organizations, typically with revenues less than $100 million. The policy targets management service organizations, independent physician associations, physician hospital organizations, utilization review organizations, peer review organizations and credentialing verification organizations. Separate, standalone managed care E&O coverage is available for HMOs and PPOs.
COVERAGE TERRITORY: All U.S. states except California.
CONTACT: Kerry Stetz, vice president and healthcare management liability product manager; Allied World Insurance, 1690 New Britain Avenue, Suite 101, Farmington, CT 06032; 860-284-1708.
Ronimarie Acord is an IA contributor.
