UK underwriter offering billings cover for US health care providers
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CFC Underwriting Ltd., a London-based specialist insurance provider, has introduced medical billings coverage for U.S. health care providers.
CFC’s medical billings policy covers the defense costs of actual or alleged billings fraud as well as expenses arising from an independent audit on billing practices following an allegation of fraud, the company said in a statement.
The coverage, which has up to $5 million in limits, also offers reimbursement for fines and penalties arising out of medical regulatory violations, including Health Insurance Portability and Accountability Act-related fines and penalties and the federal False Claims Act.
CFC said the coverage’s cyber and privacy insuring clause has been tailored to address the specific cyber exposures faced by health care companies and includes specific references to HIPAA and the Health Information Technology for Economic and Clinical Health Act legislation. It also offers a separate section for extortion to address ransomware.
Ironshore Inc. said in June its mergers and acquisitions and tax unit has updated its transactional liability product to address regulatory risks in the health care sector.
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