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Hiscox develops terrorism insurance coverage for U.S. hospitals

Hiscox develops terrorism insurance coverage for U.S. hospitals

HAMILTON, Bermuda–Hiscox Ltd. has released a new insurance product designed to protect U.S. hospitals from the threat of terrorist attacks.

The new product, developed by Hiscox's Hamilton, Bermuda-based health care unit, is the first terrorism coverage offering in the U.S. marketplace crafted specifically for the health care industry, the company said in a statement released Tuesday.

Hospitals, physician offices, medical researchers and long-term care providers represent a “soft target” for terrorist attacks by virtue of their low degree of security and high casualty potential, the statement said. One successful attack on a medical treatment facility could have lasting effects on the nation's entire health care system, the company said, as well as expose that facility and its executives to “a wide range” of regulatory and civil liabilities.

“Healthcare institutions in the (United States) have a genuine vulnerability to the terrorist threat whether perpetrated by single issue, direct action groups such as animal rights or anti-abortion organizations, disturbed/disgruntled individuals, or religious extremists,” Ian Thompson, a senior vp at Hiscox Bermuda, said in a statement.

The new product offers up to $50 million of comprehensive terrorism liability coverage and nuclear, chemical, biological and radioactive terrorism coverage, as well as reimbursement for evacuation, safe notification and triage expenses.