System starts Ile-venture
Most people go to the Cayman Islands to the beautiful beaches of Engineering or the weather. Centre Hospitalier Universitaire de insurance was climate.
Faced with paying more than $ 1.5 million more per year in the excesses and general liability insurance, University adopted a route, a number of major health care systems - offshore. University expects that soon get his license Walton Way Indemnity Co.
Forming the new insurance company in Kaimanen University can save hundreds of thousands on the premium. It is for all legal and aboveboard, officials insist that.
It is not “something of a John Grisham novel,” said Jack University of risk manager Swihart.
“If you start to fix the off-shore installations, it’s a, ’s in the field of health,” said Larry J. Read, the Chief Executive Officer of the University Health Care System.
Skyrocketing insurance premiums are creating a crisis for federal hospitals, officials said.
“Keep the ball,” said Joe Parker, president of the Georgia Hospital Association. “We have seen increasing from 200 to 1,000 percent.”
In recent years, large jury awards unfair trade receivables and investments lackluster bankruptcy of certain insurance companies and forced other cases of misconduct, so that hospitals with fewer choices.
Indeed, since the University Clinic system includes nursing homes, a commercial insurance company was ready to submit a bid, “said Ed Burr, University Vice President of the Committee on Legal Affairs.
“Whenever you are in a situation like this, and they know you’re in trouble,” he said.
After payment of approximately $ 300000 per year, University, where the payment of up to $ 1.8 million per year, “said Swihart.
Instead, it looked university, an insurance company in Kaimanen is relatively simple. University of transferring $ 10 million from a reserve fund to capitalize the new company, called it a “personal consumption Insurance Company, because he is in possession of the company is insurance. This money is invested stay in the USA, but is only an operating budget $ 15000 over the islands to cover the eligibility criteria and other charges.
It allows the university to “big” insurance market, which may not be offered to other insurance companies, where a university can be sure of $ 1.3 million annual premium, said Burr. It does not alter the University of fiscal responsibility or legal, “said Swihart.
Others in Georgia, such as Emory University’s health care and medical care resource center in Macon in Georgia, already have off-shore companies, University officials said. The Georgia Hospital Association is considering offering a product similar to some of its members, “said Parker.
St. Joseph Hospital’s parent company, Carondelet, this has been done since early 1980 due to economies of scale, “said CEO Andy Lasser.
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