Advisory Focuses on the Increase in Liability Risks in Association
with the False Claims Act
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the release of a new advisory entitled
“Managing the Growing Risk of FCA Liabilities.” The paper details the
increase in liability risk as government agencies use the False Claims
Act (FCA) to aggressively enforce a complex set of regulations that
govern insurance programs, and emphasizes the need for health care
organizations to take proactive steps to address this evolving exposure.
Co-authored by Keith Lavigne, Senior Vice President, ACE USA
Professional Risk, and Scott Williams, Assistant Vice President, ACE USA
Professional Risk, the paper is the second in a series of papers
developed by ACE to highlight the increased exposures faced by health
care organizations.
“Billions of dollars have been collected under the FCA via a multitude
of actions brought directly and indirectly by government agencies,” said
Mr. Lavigne. “The cost of an FCA action can go beyond damages and
penalties. Senior executives can face criminal charges, and the
publicity can harm an organization’s credibility and reputation. These
costs can take a serious toll, even putting an organization’s future
into question.”
“As part of their risk management strategy, providers need to understand
the importance of a comprehensive insurance program and how insurance
can help them work through the difficulties of FCA related matters,”
added Mr. Williams. “Management liability insurance policies,
specifically D&O policies, typically provide some level of protection
against FCA liability, but it is essential that health care
organizations ensure they have explicit and state-of-the-art coverage.”
To access the paper, please visit
our website. The material presented in this report is not intended
to provide legal or other expert advice. It is presented as information
only. Readers should consult legal counsel or other technical experts,
as applicable, with any specific questions they may have.
ACE’s Professional Risk division, part of ACE USA, is staffed by a
specialized team of underwriters and provides management liability and
professional liability products throughout the U.S. In response to the
ever-increasing number of exposures faced by Private companies and
Not-For-Profit and Health Care organizations, ACE Professional Risk
offers a suite of management liability products exclusively designed to
protect these entities. A number of primary coverages are available in
either a package policy or on a standalone basis, including the
following:
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Directors and Officers Liability Insurance
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Employment Practices Liability Insurance
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Fiduciary Liability Insurance
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Crime Insurance
For more information about ACE’s Professional Risk division and its
range of products and services, please visit
our website.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident supplemental
health insurance, reinsurance, and life insurance to a diverse group of
clients. ACE Limited, the parent company of ACE Group, is listed on the
New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500
index. Additional information can be found at www.acegroup.com.
Source: ACE Group