Specialist insurer, Beazley, known for its operations in Europe, United States, Canada, Latin America and Asia, has launched its updated Miscellaneous Medical Liability insurance product, dubbed MiscMed, into the US and London markets.
The parent company of specialist insurance businesses, Beazley manages six Lloyd’s syndicates and underwrote gross premiums worldwide of $4.6bn in 2021.
The roll-out of the enhanced MiscMed product is to address the complex risks associated with healthcare-related businesses. This includes areas that often fall into a grey zone in healthcare, such as search and rescue providers, humanitarian aid organisations, and social services.
Beazley’s MiscMed product is designed to offer protection for medical professional liability exposures arising from a wide range of healthcare-related businesses. The product has undergone significant enhancements to wording, reflecting Beazley’s commitment to improving clarity and understanding for its clients.
The new product comes with several key benefits including simplified policy documentation now in one modular form, enabling coverage to be more effectively tailored. It also includes added Errors and Omissions (E&O) – financial loss and Clinical Trial module offerings. The Sexual/Physical Misconduct module has been separated to provide a distinct tower of coverage, and enhanced coverages are built into the base form, requiring fewer endorsements.
The enhanced MiscMed product is available from today in both the US and London markets.
John Livatino, Beazley focus group Leader, US Miscellaneous Medical & Life Science, said, “In this area we have a robust appetite and are able to use our extensive experience and risk insight to develop improved coverage for hard-to-place risks. As with everything we do at Beazley, this new modular policy keeps brokers front of mind: our coverage is organised in-line with industry standards, providing them with the flexibility needed to provide a bespoke solution for their clients.”
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