AXIS Healthcare, a division of AXIS Insurance, has launched a medical catastrophe ‘contagion’ business interruption product.
The product is available for hospitals in the US and Canada to protect against a loss of revenue caused by the outbreak of a contagious disease. The AXIS Healthcare medical catastrophe business interruption and extra expense product includes coverage for any disease that is transmitted by direct or indirect contact.
These diseases include bubonic plague, MRSA, legionnaires’ disease, Middle East respiratory syndrome (MERS), hantavirus, SARS, West Nile virus, HIV, Ebola virus, Marburg virus, Lassa fever, influenza, and bird flu, as well as other lesser-known viruses or plagues.
The new product would also provide coverage for diseases that have not yet been discovered by science, or a disease that could mutate into a pandemic at some point in the future.
Peter Wilson, president of AXIS Insurance’s US operations, said: “AXIS Healthcare’s medical catastrophe coverage represents an industry first, and we are pleased to be able to offer North American hospitals a new tool to safeguard their critical operations against pandemics and other disease outbreaks.
“The healthcare industry is an important market for AXIS Insurance, and we are committed to applying our specialty underwriting expertise, service capabilities, and capital strength to provide innovative and competitive solutions like this one.”
AXIS Healthcare, AXIS Insurance, Peter Wilson, US