SAN FRANCISCO, Oct. 8, 2012 /PRNewswire/ -- Beazley, a leading insurer of data privacy and network security risks, has been selected as the preferred cyber liability insurer for Premier's healthcare alliance which serves more than 2,700 US hospitals and 90,000 healthcare sites. Premier's subsidiary, Premier Insurance Management Services, Inc. (PIMS), will offer Beazley's flagship product, Beazley Breach Response.
Beazley Breach Response is a complete privacy breach response management and information security insurance solution which includes coverage for breaches affecting up to 5,000,000 individuals, including notification and credit monitoring. The product is tailored to the needs of healthcare organizations as well as higher education, retail, and hospitality businesses.
Mike Donovan, head of Beazley's Technology, Media and Business Services team, said: "The digitization of patient records has allowed hospitals to gain tremendous efficiencies, but has increased their risk of suffering a data breach. Varying state laws and an overlay of federal supervision through the Health Insurance Portability and Accountability Act (HIPAA) only make navigating a breach more complex. If not handled properly, a breach involving personally identifiable data can seriously damage a hospital's reputation."
Beazley has a detailed knowledge of the professional liability and cyber liability needs of hospitals. The company numbers among its clients a quarter of Healthgrades' top hospitals in the US and 15% of US News & World Report's best hospitals (2012 rankings). A third of Beazley's Breach Response policies have to date been taken out by healthcare organizations.
"Data breaches can cause severe reputational and financial damage," said Tom Green, VP, Sales & Marketing at PIMS. "I'm pleased to offer our members this new cyber liability protection. It provides both the risk management tools and resources to help prevent a breach, and the necessary services should a breach occur."
About the Premier healthcare alliance, Malcolm Baldrige National Quality Award recipient
Premier is a performance improvement alliance of more than 2,700 U.S. hospitals and 90,000 other sites using the power of collaboration and technology to lead the transformation to coordinated, high-quality, cost-effective care. Owned by hospitals, health systems and other providers, Premier operates a leading healthcare purchasing network with more than $4 billion in annual savings. Premier also maintains the nation's largest clinical, financial and outcomes database with information on 1 in 4 patient discharges. A world leader in delivering measurable improvements in care, Premier works with the Centers for Medicare & Medicaid Services. Headquartered in Charlotte, N.C., Premier also has an office in Washington. https://www.premierinc.com. Stay connected on Facebook, Twitter and YouTube.
About Premier Insurance Management Services, Inc. (PIMS)
Incorporated in 1987, PIMS is an Illinois for-profit corporation wholly owned by Premier Inc. PIMS provides contracted management services for American Excess Insurance Exchange, Risk Retention Group (AEIX), and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced sponsored programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. Other services include providing claims and risk management assessments and education offerings regarding medical professional liability for hospitals and their physicians. For more information, visit http://www.premierinc.com.
The descriptions contained in this broker communication are for preliminary informational purposes only. The product is available on an admitted basis in some but not all US jurisdictions through Beazley Insurance Company, Inc., and is available on a surplus lines basis through licensed surplus lines brokers underwritten by Beazley syndicates at Lloyd's. The exact coverage afforded by the product described herein is subject to and governed by the terms and conditions of each policy issued. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk. Beazley USA Services, Inc. is licensed and regulated by insurance regulatory authorities in the respective states of the US and transacts business in the State of California as Beazley Insurance Services (License#: 0G55497).
Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2011, underwrote gross premiums worldwide of $1,712.5 million. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
For updated security breach notification laws visit http://www.beazley.com/databreachmap