Healthcare

 The agency has been serving Healthcare risks since its inception in 2001 with a continued focus on Hospitals in New York State.  We are competent and skillful in implementing and managing insurance placements on behalf of our Healthcare clients.   Our transactional capabilities in the Property / Machinery Breakdown / Builders Risk,  Workers Compensation, Hospital Professional / Excess-Umbrella Liability, Directors & Officers / Employment Practices Liability, Cyber Liability / Network Security and Environmental Liability have proven exceptional and beneficial to our clients. 

 

Property / Machinery Breakdown

Members of the agency staff have been brokering Large Property Portfolio's for over 30 years.  Our experience handling Hospital Property Placements goes back over 21 years.  For each line of coverage, we have access and work diligently with the leading carriers in the insurance industry.   Every placement is predicated upon affording comprehensive financial protection, attractive, market competitive pricing and superior services in the areas of claims handling, risk consulting, and policy administration.

 

Builders Risk

When Orange Regional Medical Center made the decision to build the first new hospital in New York State in 25+ years at a cost of $230+ million, they turned to The Eagle Insurance Agency to negotiate and place the appropriate insurances. Accessing every major writer of Builders Risk Insurance in the US, the agency designed and negotiated an exceptional builders risk insurance program affording ORMC aggressive term pricing, comprehensive manuscript policy wordings and minimal retentions.

 

Specific to the Casualty Insurances, the agency provided extensive contract review consultation services including but not limited to the review and modification of the Design Builders Insurance Program for coverage adequacy, development of sub-contractor insurance requirements and limits and negotiation of the final Construction Agreement between ORMC and the Design Build Contractor.

 

After months of technical analysis and negotiations on behalf of ORMC, the hospital was assured its exposures to loss and financial interests were properly protected.

                                                                       

 

 

 

 

 

 

 

 

 

(Photos Courtesy of www.ormc.org)

 

 

 Above is a picture of Orange Regional Medical Center's completed Hospital in Middletown, New York which is truly State of the Art!

 

 

Workers' Compensation

The agency possesses in house expertise in Funding Plan Analysis and Design, Risk Consulting, Claims Management, and Risk Management Information Systems.

 

With the closure and migration away from Self Insured Trusts in New York State, the agency has added three new hospital workers compensation accounts since 2011. 

 

More importantly, over the past 27 months, our new hospital accounts have significantly reduced their claims experience saving our hospital clients Millions of Dollars in costs under their Loss Sensitive Rating Plans. 

 

 

Workers' Compensation Cost Minimization

Essential Program Elements – Maintaining a Robust Safety Culture

 

1)     Implement a strong Senior Safety Leadership / Management Accountability Program;
         Safety Champions throughout Organization

 

2)     Employee / Patient Safety is embraced throughout Organization

 

3)     A Clearly Defined, communicated Safe Patient Handling Program is Maintained and
         Enforced

 

4)     Funding Plans support and reward reductions in Claim Frequency & Severity

 

5)     Service Providers / Partners deliver Quality Risk Consulting / Employee Safety and
         Claims / Injury Management  Services;

 

6)     Active Management / Oversight of Program Activities & Performance by The Eagle
         Insurance Agency.

 

 

Exhibit below shows exisiting client of The Eagle Insurance Agency.                                        EIA took over Broker Responsibilities in May of 2010.

 

Losses Valued:  05/01/2013 

  

  Incurred # of Claims
1/1/13 to 14 $ 238,218 73
1/1/12 to 13 $ 329,549 58
1/1/11 to 12 $ 667,706 82
1/1/10 to 11 $ 838,568 143
1/1/09 t0 10 $ 1,908,411 150
1/1/08 to 09 $ 1,436,632 148

                                                                           

 

     

Policy Year # of Claims Incurred Costs
2008 148 $ 1,436,632
2009 150 $ 1,908,411
2010 143 $ 838,568
2011 82 $ 667,706
2012 58 $ 329,549
2013 73 $ 238,218

  

 

 

 Cyber / Privacy Liability and Network Security

Today, one can seldom turn on the TV or read news stories or on line publications without reference to Cyber, Privacy or Network Security attacks or breaches around the world.  Yet, with all of the talk, the latest statistics show that most companies do not purchase Cyber / Privacy Liability Insurance despite the average claim exceeding $1 million.

 

While privacy liability risks vary for each business entity, Data Management and Network Security is an inherent concern and priority for every business. 

 

At The Eagle Insurance Agency, we are uniquely qualified to deliver comprehensive Cyber, Privacy Liability & Network Security Programs to valued clients and prospects.  While our market reach and competencies cross all industries, we specialize in designing programs to the Healthcare Industry. 

 

In the past 12 months, we have implemented comprehensive programs for two of our largest healthcare system clients.  As with every line of coverage we manage, the agency completed an exhaustive review of the marketplace including the coverage offerings of 20+ insurers. 

 

The basic Coverage Grants that can be addressed in any Cyber, Privacy Liability & Network Security Insurance Program include:

 

Security & Privacy including Regulatory Defense, Fines and Penalties;

Media Liability;

Crisis Management;

Privacy Breach Response Services / Customer Notification Expenses;

Forensic Expense Reimbursement

Data Recovery / Business Interruption & Income Loss

 

While there is no shortage of information and research regarding Cyber, Network Security and Privacy Liability, including market and product information such as The Betterly Report and IRMI which we use in our reviews, there is no substitute for in depth analysis and skillful negotiation!   Today, the number of carriers professing Cyber, Privacy Liability Insurance capabilities is as varied as their appetite for risk.  To navigate through the Cyber, Privacy, Network Security Marketplace, you need a skilled and experienced broker, advisor.    

 

While insurance programs certainly transfer some of the risks away from a business, strong Risk Management Controls, Practices specific to Information Technology (i.e. Data Retention, Encryption and Intrusion Prevention) are essential. 

  

If your company desires a Customized, Competitively Priced Cyber, Privacy Liability & Network Security Program, please contact one of our specialists at

The Eagle Insurance Agency.

  

General Liability / Hospital Professional Liability / Excess – Umbrella Liability  

We understand that our ability to help our clients reduce their expenses relating to risk and insurance allows those monies; savings to be allocated to their core mission of providing enhanced services and quality of care to the communities they serve. 

 

For clients to minimize their costs of risk, they must maintain favorable Claims Experience from a frequency and severity standpoint.

 

The Eagle Insurance Agency has been successfully managing Primary and Excess Liability Placements and Programs on behalf hospital and healthcare clients for the past 13 years.  

 

In an efficient and cost effective manner, The Eagle Insurance agency brings a range of beneficial Consulting and Transactional Resources and Services to our valued clients to help minimize their costs of risk.  We work extensively with the leading providers of Risk Management and Insurance Services to the Healthcare Industry.  These services include:

 

Actuarial, Analytic & Benchmarking Services; 

Through a long standing relationship, the agency secures the following services

exclusively through Aon Risk Solutions:    

 

  • ASHRM Benchmark Analysis & Client Comparison
  • General / Hospital Professional and Excess Liability Loss and ALAE Forecasts
  • Hospital Professional Tail Liability Estimates

 

Understanding the relationship between risk and price and quantifying the costs of potential risk financing techniques (i.e. Commercial Insurance, Self Insurance, Alternative Risk Transfer, and large deductible, retention options etc.)  allows our clients to make informed strategic and program decisions.  

  

Risk Management Consulting Services specific to Patient Safety Programs and Best Practices

Establishing and maintaining a Robust Patient Safety Culture in the Healthcare Organization is the only clear, sustainable path to Cost Reduction and Minimization. 

 

The following services are afforded our clients through select insurance carriers:

 

Organizational Assessment from the Risk Management Perspective focusing on:

 

  • Organizational / Patient Safety Structure;
  • Relationship of Risk to Quality;
  • Management Accountability;
  • A Review of current Policies / Practices;
  • How well does the Patient Safety Program operate in the hospital. Is the hospital systematically identifying the underlying causes of medical errors in the organization and implementing effective interdisciplinary organization wide corrective measures?

 

Best Practice Assessments:

 

  • Emergency Services;
  • Obstetrics Loss Drivers including Benchmarking;
  • Perinatal Services including Benchmarking;
  • Perioperative Services including Benchmarking;
  • Healthcare Associated Infection Prevention and Benchmarking
  • Behavioral Healthcare
  • Credentialing
  • Office Practice Assessment
  • Improving Results for Publically Reported Data

 

 

Claims Management and Analysis;

Through our in house expertise, our agency actively participates in the Claims Management Process on behalf of our clients. Our efforts include

 

  • Establishment, Coordination of Claims Service Instructions and Notifications;
  • Detailed Claims Analysis and Development;
  • Selection, Coordination of Defense Counsel;
  • Coordination, participation of Formal Claim Reviews to ensure proper Claims Handling and Reserving 

 

Risk Funding

The Eagle Insurance agency excels at delivering attractive, market competitive funding plans to our valued clients. With extensive knowledge and expertise handling risk management casualty placements, our professional staff has been successfully managing General / Hospital Professional and Excess Liability Programs for the past 12 years.

 

Reflective of our Clients Overall Risk Profile, their placements are impacted, and predicated upon a variety of important factors including but not limited to:

 

  • Their Appetite for Risk;
  • Breadth of Healthcare Services provided;
  • Financial strength, ability, willingness to self-insure;
  • Loss Experience / Trends and a Detailed Claims Analysis
  • Actuarial Loss and Allocated Loss Adjustment Forecasts;
  • Strength of Risk Management Patient Safety Programs;
  • Market Cycles, Conditions.
  • Funding Treatment for Employed Physicians and Professional Corporations;  

 

Direct or through select specialty wholesalers, we aggressively work with the leading providers of Primary and Excess Liability Coverage in the global market. We are actively engaged in the Admitted and Non Admitted Market, the latter through our Excess Surplus Lines Agency Licenses. 

 

In our quest to help our clients achieve their risk reduction, cost saving objectives, we remain focused on delivering optimum risk funding plans from the marketplace. Today's marketplace others a wide array of market and funding plan options. Market options include:

 

  • The Traditional Marketplace;
  • The Alternative Risk Market including Risk Retention Groups;
  • Captive Management.

 

In terms of funding approaches, our healthcare clients can choose from:

 

  • Straight Guaranteed Cost;
  • Large Deductible / Retention;
  • Loss Sensitive (i.e. Retrospective Rated, Swing Plans, Commutation, etc.)
  • Self-Funding.

 

Many programs we manage today incorporate a combination of the above funding approaches.  A thorough and proper funding analysis conducted by The Eagle Insurance Agency will help ensure that the Optimum Service Providers, Program Structure and Funding Approach is selected and successfully managed.