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Professional Liability Insurance Notice H 04-15. Department of Housing and Urban Development Office of Multifamily Development. Introduction. Overview of Presentation Introduction of Panelists Discussion of Changes Presentation of Industry Professionals Question and Answer Session.

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professional liability insurance notice h 04 15

Professional Liability InsuranceNotice H 04-15

Department of Housing and Urban Development

Office of Multifamily Development

HUD Notice H 04-15

introduction
Introduction
  • Overview of Presentation
  • Introduction of Panelists
  • Discussion of Changes
  • Presentation of Industry Professionals
  • Question and Answer Session

HUD Notice H 04-15

rating providers of insurance
Rating Providers of Insurance
  • Liability Insurance must be Rated by AM Best with a B++
  • Rating Captives & Risk Retention Groups
  • Offshore Insurance Providers Prohibited
  • Approval of Additional Rating Agencies

HUD Notice H 04-15

joint underwriting associations
Joint Underwriting Associations
  • What are JUAs
  • HUD Approval of JUA providers of Professional Liability Insurance
  • JUAs in Operation Less than four Years
  • Disqualification of JUAs

HUD Notice H 04-15

operator manager of healthcare facilities
Operator/Manager of Healthcare Facilities
  • Definition of Operator/Manager
  • Corporate Operator/Managers

HUD Notice H 04-15

financial statements
Financial Statements
  • HUD Needs Audited Financial Statements for Operator/Manager
  • HUD will Accept Operator/Manager Certified Financial Statements in lieu of Audited Financial Statements

HUD Notice H 04-15

submission of claims information
Submission of Claims Information
  • Incident Reports for Serious Injuries
  • Insurance Loss Reports must be Submitted
  • Inventory of Claims must by Provided
  • State Licensing Surveys must be Provided for all G Rated or Higher Deficiencies

HUD Notice H 04-15

hud review of insurance needs
HUD Review of Insurance Needs
  • HUD will Review Information Prior to Submission of Application
  • HUD will Provide Guidance of Insurance Needs

HUD Notice H 04-15

surplus lines carriers
Surplus Lines Carriers
  • Licensed Carriers Acceptable
  • Surplus Lines Carriers also Acceptable from HUD as Long as they have Authorization to Conduct Business in the State

HUD Notice H 04-15

insurance tail coverage
Insurance Tail Coverage
  • Tail Coverage is Required if Claims are the Responsibility of the Operator/Manager
  • No Tail Coverage if Property is being Purchased and Prior Claims are not the Responsibility of the New Operator/Manager

HUD Notice H 04-15

223 a 7 refinancing
223 A(7) Refinancing
  • If Applicant has Adequate Professional Liability Insurance, Requirements of Notice H 04-15 will NOT Apply

HUD Notice H 04-15

troubled state designation
Troubled State Designation
  • Designation of Troubled State is Eliminated
  • HUD will Review Each Applicant Where High Insurance Costs Impacts the Feasibility of the Project

HUD Notice H 04-15

minimum coverage and deductibles
Minimum Coverage and Deductibles
  • Minimum Insurance coverage is $1,000,000/$3,000,000
  • HUD may Lower Minimum Coverage is Application is Infeasible Due to Insurance Cost
  • Deductible Raised to $100,000
  • Maximum Deductible is $1,000,000 for Operator/Managers with 50+ Facilities

HUD Notice H 04-15

hamilton insurance agency
Hamilton Insurance Agency
  • Presentation of Alan Zuccari of Hamilton Insurance Company on Industry Perspectives of Revised Notice
  • Review of Issues that Insurance Underwriters Focus on When Conducting Due Diligence of Healthcare Facilities

HUD Notice H 04-15

questions and answers
Questions and Answers
  • Panel:
    • Michael McCullough (HUD)
    • Alan Zuccari
    • C. Mark Williams (HUD)
    • Minnie Monroe-Baldwin (HUD)

HUD Notice H 04-15

final comments
Final Comments
  • Final Comments from HUD STAFF
  • Discussion of Next Steps in Training Process for Professional Liability Insurance Issues

HUD Notice H 04-15

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