LeadingAge New York Adviser Adviser LeadingAge NewYork Spring 2019 final | Page 8
This Is
COOL
Combat Rising Insurance Costs
Through SeniorCare Program
Insurance Made Simple
Insurance costs for senior living and health
care facilities are on the rise, in many cases
dramatically. Frequency and severity of claims have
...LeadingAge New York
caught up with and surpassed premiums over the past
few years, and insurance carriers are taking corrective
actions. LeadingAge New York members should be aware
of this trend and be proactive in communicating with
their insurance brokers to assess the impact it will have
on their individual renewal premiums. In a time like this
and with budgets being set so tightly, you never want to
be caught off guard when it is too late to do anything. If you wait until your renewal dates,
you will likely be unpleasantly surprised at
SeniorCare program has been very
the results.
successful with members. Members have saved millions in
Insurance premiums tend to be cyclical
for many reasons, and while senior living
premiums over the years and have group power to provide
premiums have been level or slightly lower
over the past few years, that has ended.
savings not available in the general marketplace.
While premium increases have generally
been in the range of 10 to 30 percent, we have heard of several that have eclipsed 100
percent in the New York City area. This is mostly on liability (professional) policies but
has now expanded to property insurance policies. Numerous areas in the state have
plaintiff attorneys targeting the senior living sector, which exacerbates carrier anxiety
and their outlook on this marketplace. Many carriers have also exited this marketplace,
leaving fewer options. Other factors adding to the sector’s overall risk for insurance
carriers include class-action lawsuits, expanded litigation and natural disasters. Carriers
are evaluating risk management efforts much more closely and rewarding facilities who
are diligent in these areas.
Some pointers:
• Deal with a broker who specializes in senior living insurance and is familiar with this
marketplace. It makes all the difference in a time like this.
• Have an active risk management program in place, and be able to show carriers that
you are vigilant in enforcing it.
To this end, the LeadingAge New York SeniorCare program has been very successful
with members. Members have saved millions in premiums over the years and have group
power to provide savings not available in the general marketplace. This Cool Insuring/
LeadingAge New York insurance program has proven very competitive and successful,
especially in this current marketplace. Multiple facilities outside of the program have
reached out because they were surprised a few days before their renewal with 150 percent
increases on their premiums.
How Can We Assist You?
John Snow and Mike Jenkins would welcome the opportunity to discuss the Cool
Insuring/LeadingAge New York program and let you know what savings are available
to you. Their extensive experience and carrier relationships provide leverage to offer
(See Combat Rising Insurance Costs on page 8)
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Adviser a publication of LeadingAge New York | Spring 2019