SCHAUMBURG, Ill., April 17, 2020 /PRNewswire/ -- Zurich North America, a leading insurance provider for businesses and individuals, is introducing a COVID-19 reimbursement product for employers to provide cash benefits to eligible employees hospitalized for more than five consecutive days as a result of COVID-19. In the U.S., net profits from the offering will go to hunger relief charities, at a time of rising food insecurity fueled by unemployment.
The COVID-19 reimbursement product, brought to market as a Surplus Lines policy, is available to large employers, typically with 5,000 or more eligible employees, in most industries.
"This new offering is one way we can help support the resilience of employers and employees coping with coronavirus impacts," said Zurich North America CEO Kathleen Savio. "We want to enable employers to provide financial assistance, beyond medical benefits they may provide, to eligible employees hospitalized for COVID-19."
The cash benefits can help with the financial stresses of an extended hospitalization, including costs that primary health insurance may not cover. Here is an overview:
Benefits are provided for hospitalizations exceeding five consecutive days.
Benefits include an amount per day (subject to a maximum number of days) and an additional lump sum amount upon discharge from the hospital.
In total, individual employees may be eligible for up to $4,000 of benefits.
"Seeing the unfolding impact of coronavirus, we developed this product swiftly with input from our brokers and customers, the global Zurich organization and our Accident & Health team," said Paul Horgan, Head of Zurich's U.S. Commercial Insurance business unit. "It's a powerful example of speed and collaboration designed to support employers and employees in this time of COVID-19."
The employer, who is the policyholder, pays cash benefits to the eligible employees, then submits its claims to Zurich for reimbursement.
Interested employers should contact their insurance broker or their Zurich representative. For additional information about what businesses need to know now to manage COVID-19, go to Zurich's Coronavirus (COVID-19) Resource Hub on Zurichna.com/covid19.
About Zurich North America Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to construction and include more than 90 percent of the Fortune 500. We've backed the building of some of the most recognizable structures in North America. Our North American, LEED Platinum® headquarters is located in the Chicago area. We employ approximately 9,000 people in North America and have offices throughout the U.S. and Canada. Further information is available at www.zurichna.com.
Zurich North America is part of Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets. With approximately 54,000 employees, Zurich provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich's customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.