ACE USA Increases Privacy Protection Coverage for Managed Care Organizations & Healthcare Facilities [Manufacturing Close – Up]

ACE USA, the U.S.-based retail operations of the ACE Group, announced the introduction of the Privacy and Network Security Liability Endorsement to both the Healthcare Facilities and Managed Care Organization policies.

According to a release, this endorsement is designed to complement ACE Medical Risk's Professional Liability, General Liability, and Errors and Omissions policies, and offers insurance to help protect computer networks and websites, as well as safeguard sensitive patient, customer, employee, and third-party corporate information.

"Healthcare organizations continue to face challenges in complying with the Health Insurance Portability and Accountability Act (HIPAA), and the Health Information Technology for Economic and Clinical Health (HITECH) Act -- when handling medical records -- especially as more organizations are moving toward an electronic record format in response to the current incentive payments offered by the Department of Health & Human Services," said Anthony Dagostino, VP, ACE Professional Risk. "The significant rise in data breaches in managed care organizations, healthcare facilities, and hospital systems has created a need for them to secure privacy insurance. This innovative product combines insurance protection with a broad choice of expert resources to help policyholders reduce the likelihood of a data breach, provide immediate assistance in the event of a breach, and develop a strong response against possible ensuing regulatory or legal actions."

"Healthcare facilities face significant liability when confidential medical records are lost or compromised," said Caroline Clouser, EVP, ACE Medical Risk & Life Sciences. "Not only does this new endorsement help policyholders manage their privacy and network risk, but it also includes access to the ACE Data Breach Team. In essence, this team can assist with fraud consultation, identity restoration, monitoring services and required notifications, all in an effort to help protect the reputation of our customers."

ACE helps managed care organizations and healthcare facilities mitigate the financial and reputational risks associated with privacy breaches, covering first-party expenses, third-party liability claims, and providing access to a suite of data breach specialists and other benefits. These benefits include:

-Access to the Data Breach Team, an independent panel of specialists in the legal, computer forensics, notification, call center, public relations, fraud consultation, credit monitoring, and identity restoration service areas, addressing both financial and medical identity theft

-Free access to the eRisk Hub, a web-based loss prevention resource containing information and technical resources to help policyholders manage their privacy and network risk

-Coverage for breaches of confidential patient, consumer, corporate, and employee information

-Coverage for Wrongful Acts of an Insured and its service providers such as Business Associates as defined under HIPAA and HITECH

-Coverage for regulatory fines and penalties, including HIPAA and HITECH

More information:

www.acegroup.com/us

www.acegroup.com

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