Hiscox, a specialty insurance company, has launched a new line of terrorism insurance geared for health care providers, hospitals and researchers. Hiscox claims that this is the first insurance product of its kind to be offered in the U.S. It would seem that such insurance coverage would fit well in a nation that has been on heightened awareness for terrorism for the past 10 years. However, no major attack has occurred on U.S. soil since September 11, 2001. Whether Hiscox’s new insurance offering will be successful in light of this fact is yet to be seen.
Hiscox believes that most health care institutions in the U.S. are particularly vulnerable to terrorist attacks. When people think of terrorism, they often attribute the word to what the disasters that happen in the Middle East. Hiscox, however, notes that acts of terrorism can stem from extreme animal rights groups, disgruntled employees and other groups that have extreme mindsets.
Hospitals, in particular, are a liability in terms of acts of terrorism. In the event of an attack, such institutions would be faced with major regulatory interventions that could make it nearly impossible for a hospital to continue functioning. Hiscox offers insurance products tailored to fit the needs of these hospitals and also includes protections for nuclear, chemical and biological disasters that may arise at any time.
