PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operations of the ACE Group, today announced that its ACE Medical Risk Division now offers increased reimbursement limits for legal expenses incurred due to an action by a federal or state agency arising from a podiatrist’s participation in the Medicare or Medicaid programs. This new Podiatrist Professional Liability Coverage Endorsement helps mitigate and manage rising legal expenses by raising the coverage limits from $30,000 to $50,000 per action, with an annual aggregate of $50,000. This product is underwritten by companies within the ACE Group, an A.M. Best “A+” rated carrier, and is offered to podiatrists exclusively by RPS Healthcare, National Program Administrator of the Podiatry PLUS program.
This new product enhancement comes to the market as ACE and RPS prepare for their participation in the 2012 Midwest Podiatry Conference in Chicago, IL, which brings together podiatry professionals from the healthcare industry through an annual program of continuing education and other professionally-oriented instruction.
“The Patient Protection and Affordable Care Act and Centers for Medicare & Medicaid guidelines and rules have had a tremendous impact on the compliance programs of Medicare and Medicaid healthcare providers, and have resulted in an increase in investigations and enforcement actions,” said Caroline Clouser, Executive Vice President, ACE Medical Risk. “Through our efforts with RPS Healthcare, we are able to address the gaps in most coverage forms by providing higher reimbursement limits to podiatrists for legal expenses incurred in responding to actions from agencies authorized to impose sanctions.”
“We’re pleased to work with ACE Medical Risk -- and their experienced team of specialized underwriters -- in the effort to provide significant and competitive insurance options to podiatrists through our Podiatry PLUSprogram,” said Ronda Ashley, RPS Healthcare Programs Manager.
RPS Healthcare is part of Risk Placement Services Inc., one of the largest wholesalers and the largest Managing General Agent in the country. It is wholly owned by Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm headquartered in Itasca, IL.
ACE Medical Risk’s liability offerings include primary and excess medical professional liability for hospitals, and miscellaneous healthcare facilities, and managed care errors and omissions coverage. In addition, ACE Medical Liability offers products liability for clinical trials, biotechnology, and specialty pharmaceutical companies, as well as a comprehensive package policy that includes property, auto and crime coverages. To learn more about ACE Medical Liability’s products and services, please visit our website.
Insurance is provided by insurance companies within the ACE Group, or by its allied distribution associates. All products may not be available in all jurisdictions. The product information above is a summary only. The insurance policy, when issued, will contain the actual terms and limits of the contract.
ACE USA is the U.S.-based retail operating division of the ACE Group, and is rated A+ (Superior) by A.M. Best Company and AA- (Very Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at http://www.acegroup.com/us-en. The ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.