MINNETONKA, Minn., Aug. 21, 2013 /PRNewswire/ -- OneBeacon Professional Insurance (OBPI), a member of OneBeacon Insurance Group, Ltd. (NYSE: OB), today announced that new editions of its primary health care professional liability policy forms are available through affiliated writing companies. Many of the updates to these policies streamline the insurance contract and seek to address the changing coverage needs in the market.
Steve Spina, President of the Heath Care Group at OBPI, said, "OneBeacon Professional Insurance has always had the reputation of having strong and competitive health care forms. These updates enhance our products by addressing changing market conditions, and continue to showcase our strength with these types of risks."
Primary health care forms include Complex Risks (hospitals, physician groups and alternative structures) and Medical Facilities. Some of the policy highlights include:
- Limited breach of confidentiality coverage under Professional Liability with respect to the inadvertent utterance or publication of personally identifiable health information or other confidential health care medical information of a Patient
- Legal/Media Expense Reimbursement coverage now extends to all Insureds
- Broad definition of Insured now includes interpreters used in connection with the provision of Medical Services
- Professional Liability coverage extended to include the loading and unloading of Patients from aircraft or Auto
- Revised definition of Related Claims
Additionally, each product has policy-specific updates including:
Complex Risks (hospitals, physician groups and alternative structures):
- Professional Services now includes Proctoring Services
- "Damage to Rented Premises" coverage now included in General Liability coverage by endorsement
The Medical Facilities form now includes "Damage to Rented Premises" coverage in General Liability.
Please refer to the actual policy for exact coverage descriptions and limits; exclusions and deductibles may apply. Coverages are subject to policy terms and conditions and may not be available in all states.
About OneBeacon Professional Insurance: OneBeacon Professional Insurance, a member of OneBeacon Insurance Group, specializes in professional liability solutions for targeted industries including hospitals, long-term care facilities, medical facilities, physician groups, media organizations, lawyers, real estate professionals, design professionals, financial services and technology providers.
Additionally, OneBeacon Professional Insurance provides employment practices liability insurance, management liability and tailored products for complex organizations including health care provider excess insurance and HMO reinsurance through one of the insurance companies in OneBeacon Insurance Group, Ltd. General liability, property and workers compensation coverages are also available for financial institutions.
About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB." OneBeacon's underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. OneBeacon's solutions target ocean and inland marine; entertainment, sports and leisure; group accident; crop; public entities; technology; tuition refund; professional liability; environmental; excess property; programs; and commercial surety. For further information about our products and services visit: www.onebeacon.com and to remain up to date on OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our online newsroom: www.onebeacon.com/newsroom.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which we expect or anticipate will or may occur in the future are forward-looking statements. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to OneBeacon's:
- change in book value per share or return on equity;
- business strategy;
- financial and operating targets or plans;
- incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;
- projections of revenues, income (or loss), earnings (or loss) per share, dividends, market share or other financial forecasts;
- expansion and growth of our business and operations; and
- future capital expenditures.
These statements are based on certain assumptions and analyses made by OneBeacon in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that could cause actual results to differ materially from expectations, including:
- claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, or terrorist attacks;
- recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate;
- the continued availability and cost of reinsurance coverage;
- the continued availability of capital and financing;
- general economic, market or business conditions;
- business opportunities (or lack thereof) that may be presented to it and pursued;
- competitive forces, including the conduct of other property and casualty insurers and agents;
- changes in domestic or foreign laws or regulations, or their interpretation, applicable to OneBeacon, its competitors, its agents or its customers;
- an economic downturn or other economic conditions adversely affecting its financial position including stock market volatility;
- actions taken by ratings agencies from time to time, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
- the risks that are described from time to time in OneBeacon's filings with the Securities and Exchange Commission, including but not limited to OneBeacon's Annual Report on the Form 10-K for the fiscal year ended December 31, 2012 filed February 28, 2013.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by OneBeacon will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, OneBeacon or its business or operations. OneBeacon assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE OneBeacon Insurance Group, Ltd.