Business Services Industry
HUD insurance rule leaves RRGs in cold; Rules govern nursing home coverage.(News)(Department of Housing and Urban Development)(Risk Retention Group (insurance industry))
Business Insurance, March, 2004
Byline: MICHAEL BRADFORD WASHINGTON-Many long-term care facilities will find their options for professional liability insurance limited if new requirements issued by the Department of Housing and Urban Development are left unchanged. HUD in January released a notice requiring nursing homes and other long-term care facilities that apply for mortgages or other real estate loans guaranteed under a HUD program to purchase minimum limits of $1 million per occurrence and $3 million annual aggregate of professional liability insurance from insurers with at least an A rating from A.M.
Best Co. The deductible cannot exceed $250,000. The rule also requires that coverage be purchased from an insurer licensed in the state where the facility seeking financing is...
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