Zurich Finance Services Australia (Zurich) has noticed that the significant growth in the aged care sector has increased the risk exposure for facility owners, opening them up to new risks such as malpractice and management liability. Zurich has therefore responded to these changes by providing unique aged care insurance cover.
Zurich’s National Manager for Aged Care Anthony Pagano says, “In the past five years we have seen a major shift in aged care insurance claims. There’s been a move from traditional property and casualty losses to professional indemnity claims which have tripled in that time. Claims have also significantly increased for directors and officers insurance, including employment practices liability. Both these areas of claims were previously almost non-existent.”
Zurich has updated its aged care policy to address emerging industry needs and its comprehensive cover now includes a wide range of potential exposures including ‘professional indemnity’ and ‘directors and officers’ cover.
“In addition, we’ve included a ‘late arising extension’, automatically upgrading existing Zurich aged care policies to include the enhanced cover. Brokers can be confident that their current clients are receiving the best insurance protection available in the market,” says Mr Pagano.
Zurich considers itself a leader in aged care insurance, keeping up-to-date with changes to the regulatory environment while maintaining close links with key industry groups including the national peak body, Aged & Community Services Association (ACSA). Zurich conducted a number of state-based aged care association risk management workshops throughout 2010, which provided practical information for the industry to minimise risks and potential litigation.
Zurich’s comprehensive and updated aged care cover includes:
· Industrial Special Risks (ISR)
· Combined General Liability
· Directors & Officers
· Fidelity Guarantee
· Engineering Plant
· Electronic Equipment