Beazley Enhances Virtual Care policy for Digital Health Sector

February 19, 2020 by matray

Specialist insurer Beazley has enhanced its Virtual Care insurance policy in the United States to offer greater protection for the providers of technology-enabled healthcare and lifestyle management services.

The rapidly growing global digital health market is estimated to reach a value of $504 billion by 2025 and includes telehealth, which enables remote medical diagnosis and monitoring, and m-health, which permits self-monitoring of chronic conditions via apps and wearables, through to a range of lifestyle and wellness technology.

With the addition of the new Surge endorsement, Beazley can now provide first-party coverage for direct financial loss arising from:

• eCrime including fraudulent instruction, funds transfer and telephone fraud
• Business interruption loss from security breach or system failure
• Dependent business interruption loss from security breach or system failure
• Data recovery loss
• Cyber extortion loss
• Cryptojacking including the unauthorized access or use of computer systems to mine for digital currency.

This is in addition to the coverage already in place within Beazley Virtual Care, including professional liability (medical malpractice) and a wide range of other third-party coverages. The policy is available for worldwide risks across all 50 states on a surplus lines basis and provides integrated insurance for healthcare providers that would otherwise have had to buy multiple policies to protect themselves and their clients from potential risks.

“Backed by specialist claims expertise, Virtual Care’s Surge endorsement provides additional first-party cover for cyber crime and the subsequent business interruption that can floor businesses and slow their recovery,” said Jennifer Schoenthal, U.S. underwriting lead for Virtual Care. “As risks are always evolving, we’ve also included protection against crypto-jacking, which can leave firms with exorbitant electricity bills and sluggish systems if their IT is breached by crypto-mining cyber criminals.

“Beazley Virtual Care brings together our global expertise in underwriting medical malpractice, errors & omissions and privacy coverages to deliver extensive protection that helps our clients avoid the risk of coverage gaps and supports their evolving businesses.”

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COPIC Promotes Members of Its Management Team to Senior Vice Presidents

February 19, 2020 by matray

COPIC announced that five members of the company’s management team were recently promoted to Senior Vice President positions. The promotions include the following people:

     • Kristin Stepien—Senior Vice President, Sales and Business Development

     • Janel Loud-Mahany—Senior Vice President, Underwriting and Policyholder Services

     • Beverly Razon—Senior Vice President, Public Affairs

     • Shelly Waggoner—Senior Vice President, Human Resources

     • Sean Gelsey—Senior Vice President, Claims and Strategic Partnerships

According to COPIC, the promotions are part of its adjusting its organizational structure to better meet the needs of its insureds as well as to address market expansion and manage growing business operations. Collectively, this group represents more than 60 years of experience at COPIC.

“A big factor in COPIC’s success is the internal leadership and expertise we have at our company,” said Gerald Zarlengo, MD, CEO of COPIC. “These well-deserved promotions are in key areas that support our growth and commitment to high-quality customer service, and we feel that this will better position us to evolve and meet the challenges that lie ahead.”

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