PRODUCT: MiscMed

COMPANIES: Lloyd's of London; Beazley.

BEST RATING: A+

AVAILABILITY: Appointed agents and brokers only.

FOCUS: Recently, Beazley announced the launch of its streamlined Miscellaneous Medical Liability (MiscMed) product in the U.S. market. Beazley manages seven Lloyd's of London syndicates and, in 2022, underwrote over $5 million in gross premiums worldwide. Beazley has been underwriting unique and complicated miscellaneous medical risks for over 20 years.

“This product is an evolution of our prior suite of five policy forms, providing a simple to read, flexible modular structure," says John Livatino, focus group leader, U.S. miscellaneous medical & life sciences, Beazley. “The combination of an extraordinary broad appetite for a wide range of health-care related risks coupled with the ability to tailor policy wordings to fit our insured's needs makes our product offering unique."

COVERAGE DETAILS: Beazley's MiscMed product provides protection for medical professional liability exposures arising out of a wide range of health-care related businesses. This includes the more complex risks that can fall in the gray area of health care, such as search and rescue providers, humanitarian aid organizations and social services.

The program provides a choice of six modules: professional liability, errors & omissions, clinical trial professional liability, general liability, products liability and sexual misconduct. Each module has separate limits of liability subject to an overall policy limit, retention that does not reduce the limits of liability, clarified claims, and circumstance reporting requirements.

UNDERWRITING: Underwriting requirements include a completed comprehensive application for medical professional liability, with a preference for the up-to-date Beazley application; current financial statements; and copies of relevant contracts. $15 million limits are available. The minimum premium is $25,000.

TARGET: This product is for middle market and large-risk health care and quasi health-care providers that require an underwriting mentality.

COVERAGE AVAILABILITY: All U.S. states.

CONTACT: John Livatino, focus group leader, U.S. miscellaneous medical & life sciences, Beazley; 1221 Brickell Ave, Suite 1740, Miami, FL 33131; 847-721-1005.

Will Jones is IA editor-in-chief.