The healthcare industry is an important market for AXIS Insurance, and we are committed to applying our specialty underwriting expertise, service capabilities, and capital strength to provide innovative and competitive solutions like this one. Kimber Lantry, Head of AXIS Healthcare, added, Our new Medical Catastrophe Business Interruption and Extra Expense coverage serves a critical need in the healthcare marketplace that has thus far gone unaddressed by the insurance industry. Pandemics represent an especially serious risk for healthcare providers. During the 2003 SARS outbreak, hospitals were identified as the source of the spread of infection, resulting in the partial or complete shutdown of three hospitals in Canada. Indeed, after the first Ebola patient was admitted to Texas Presbyterian Hospital in October of 2014, the hospital lost $20.3M in revenue over a two-month period, with a decline in inpatient days of 22% and a decline in ER visits of 49% during the first month. The policy responds when the contagion directly results in any one of four triggers: A governmental quarantine of a hospital; If 25% or more of the medical personnel do not come to work; A 25% or more reduction in inpatient stays; or A 25% or more reduction in emergency room visits. The maximum length of coverage is limited to twelve months from the date the coverage is triggered. Prior to offering a quotation, a hospital must work with AXIS Healthcare on a pandemic preparedness assessment. The company will send, at its own expense, a healthcare risk manager with specialized skills in pandemic preparedness to assess the quality of the hospitals pandemic program.
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However,.uch a consultant must still work through brokers and/or agents in order to secure coverage for their clients. Older people are thus treated differently from younger people i.e., a distinction is made, discrimination occurs. By the end of the seventeenth century, London's growing importance as a canter for trade was increasing demand for marine insurance . In the United States, standard line insurance companies are insurers that have received a license or authorization from a state for the purpose of writing specific kinds of insurance in that state, such as auto mobile insurance or home-owners' insurance. 36 They are typically referred to as “admitted” insurers. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk. Advanced economies account for the bulk of global insurance. The policy pays the policy holder for covered accounts receivable if the debtor defaults on payment. Farmers Browse Insurance Business While your day-to-day operations are complex, understanding Business insurance doesn't have to be.
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