URAC, the nonprofit organization that accredits and certifies (AC) health quality after utilization review (UR) has selected ACE Global Markets (AGM), a subsidiary of ACE Limited, to provide Privacy and/or Security Accreditation programs for several new insurance policy offerings.
The institutional privacy and security protection policies are available exclusively to URAC HIPAA-accredited companies through Healthcare First, a unit of the Brokerage Services Division of Arthur J. Gallagher & Co.
“ACE Global Markets is one of the most innovative providers of insurance, reinsurance and financial products and services in today’s global marketplace,” stated Rick Welsh, financial lines underwriter at AGM in London. “The policies provide liability coverage for exposures such as privacy and security violations, specific HIPAA damages, unauthorized access, ePublishing violations, and Web content liability.”
Healthcare First President David Wynstra commented: “These new insurance offerings will help indemnify corporate policyholders from damages resulting from HIPAA events, such as unauthorized disclosures of protected health information (PHI), and is an effective risk-management strategy for many organizations. Healthcare First is pleased to offer the new policies exclusively to URAC-accredited organizations on behalf of AGM.”
URAC president and CEO.Garry Carneal stated: “This recognition of URAC’s accreditation programs by ACE Global Markets validates the quality, value and importance of our privacy and security standards in promoting best practices.”
An audit conducted on behalf of AGM by NetDiligence, a network security firm, found URAC HIPAA accreditation reduces the overall general privacy and security risk for companies. The NetDiligence report also found URAC accreditation can significantly mitigate the potential risk of incurring penalties from non-compliance with the HIPAA Federal Rules for all types of health care organizations, including business associates and covered entities.
More information about AGM’s insurance products, is available from Dave Wynstra at (415) 536-8473 or dave_wynstra@ajg.com. For information on all of URAC’s HIPAA solutions, including accreditation, contact Eamon Bobowski at (202) 962-8835 or ebobowski@urac.org.
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