Accident & Health
Costero has excellent experience in the Accident and Health market and has developed and launched many innovative A&H offerings whilst also placing the more traditional policies. Below is a more detailed overview of some of the core A&H products available.
Private Client Services
The natural affinity here is the ability to offer high sums insured limits for Accidental Death (AD), Permanent Total Disability (PTD), and Temporary Total Disability (TTD) both on an accident and sickness basis. Furthermore, up to 5-year policies can be offered (with annual resigning) and benefit periods up to 60 months. These policies require medical underwriting which should be relatively straightforward if Heffernan’s already has an involvement in the placement of the Life Insurance.
In terms of limits, the following are a typical examples:
– AD = $50m (up to $100m is available dependent upon available capacity)
– PTD = $50m (up to $100m is available dependent upon available capacity)
– TTD = up to $100,000 per month. NB please note that TTD coverage can often be restrictive and such high limits are likely to be referred to Underwriters
Good targets for this product are the high net worth clients like professional sports and entertainers who expect “tailored coverage specific to fit their needs.” Coverage for athletes and entertainers is predominantly for AD and PTD (Accident & Sickness) only.
Short-Term Travel Plans
Our key focus here would be any coverage or locations that are excluded under the Geo Blue offering, perhaps travel to “high-risk areas” and whether there is enough premium base (for these declined risks) to be placed under a specific travel or wider A&H facility. Lloyd’s has extensive experience in the “high-risk” space.
Costero can offer a group accident policy for the employees; as well as a corporate travel policy where applicable. This will naturally be limited by any workers’ comp policies; however, group PA policies do provide 24-hour coverage and can often act as a buffer to a workers’ comp policy if there is a self-funded deductible, which is often the case with large employer placements.
Similar to the point above, if there is a critical mass of independent contractors (non-employees) in sectors such as healthcare (care homes, for example), hospitality, and the food industry, then this is an area to be explored also.
Other available products that could be distributed via the Heffernan distribution network are as follows:
• Contractual Protection Insurance, previously known as Failure to Survive (FTS) or Confidential Life.
Cover predominantly for high-profile performers and entertainers that require high sums insured.
• Sports Disability
Covering career-ending injuries or temporary disability for a broad spectrum of sports both amateur and professional, providing both accident and sickness coverage.
• War & Terrorism
Coverage is available for hazardous occupations, such as charitable organizations, NGOs, and security consultants working in areas affected by natural disasters and/or civil unrest. Nuclear, chemical, biological or radiological (NCBR) coverage can also be included on a risk-by-risk basis.
• High-Limit Event Accumulation
Cover for specific events or where additional capacity is required for known concentrations.
• Medical Expenses
Provided on a stand-alone basis, for specific groups/segments such as expatriates. Student accident medical coverage can also be provided for K-12 students — predominantly high school students.
• Occupational Accident
Coverage for self-employed contractors or owner-operators.
• Affinity Groups & Association
Tailored coverage can be provided on either a mandatory or voluntary basis for a range of personal accident and associated coverages. These can be for UK domiciled or international groups.