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Getting Insurance for Aged Care Facilities

The Changing Landscape of Insurance for Aged Care Facilities

The insurance landscape for Aged Care Facilities is currently undergoing some changes, with major insurer Catholic Church Insurance (CCI) announcing earlier this year the company is to operate in run-off, ceasing to offer Renewal or New Business Insurance Policies. Many Insurers are also reassessing their appetite for insuring Aged Care facilities and providers of Care Services due to risk, particularly involving Liability Insurance policies.

For Aged Care Facilities and Care Service providers, the right cover is crucial to ensure that, in the event of a claim, matters are able to be resolved as efficiently as possible to avoid potential impacts on residents. Learn more about insurance for Aged Care Facilities, the current landscape for care providers and why a Broker such as Atlantic Insurance may be the right fit for your facility.

CCI’s Exit

Catholic Church Insurance announced that due to insufficient capital contributions from shareholders, the company is no longer accepting new business. While CCI will continue to manage claims from existing policyholders using its capital reserves, the company is no longer accepting new business or offering renewal to existing Policy Holders.

This insurer has been a reliable provider of Aged Care Insurance for many facilities, providing Insurance Policies since 1911. For these facilities who have simply arranged renewals with CCI and have not previously been exposed to Insurance Brokers, searching for a new Insurer may pose a challenge and some uncertainties.

A shift is expected as more facilities and Care Service providers begin to explore new insurance options for the first time, navigating the sea of potential Insurers to find the right fit.

Importance Of A Broker For Insurance For Aged Care Facilities

Facilities in the Aged Care industry require adequate insurance coverage that suits their specific needs. For this reason, it is important to be selective with your Broker and ensure they are able to provide the relevant cover. They should carry the relevant expertise and display an understanding of the industry, be able to provide a thorough risk assessment to ensure necessary cover for exposures, and offer a personalised Insurance Program.

A good Insurance Broker is an ideal choice for facilities, offering access to a range of coverage options, personalised insurance solutions, advocacy and claim support, a risk assessment for comprehensive risk management, ongoing support and review of policies, and specific industry knowledge.

For Aged Care businesses with complex insurance needs, particularly for Liability Policies such as Public Liability Insurance, Professional Indemnity or Medical Malpractice Insurance, and Management Liability cover, a Broker is able to ensure your facility is adequately protected against risk. A Broker is the best option to guard your Aged Care business and residents against the impact of a claim, remain prepared for financial loss and provide peace of mind.

Reliable Aged Care Insurance With Atlantic Insurance

Atlantic Insurance Brokers offers high quality insurance care, having supplied reliable, customised insurance solutions to Aged Care businesses since 1995. We are committed to supporting your facility with a high level of service so you can continue to provide your valued services.

Our reliable Claim Handlers and Assessors work to expedite your claim and return you to your pre-loss position as soon as possible. We make the effort to better understand the best course of action to develop a tailored Insurance Plan by meeting you physically rather than speaking over the phone.

With relevant background and experience working with Aged Care providers, Atlantic understands the uniqueness of each facility. Atlantic understands the importance of efficiency in claim handling in order to minimise the impact on the facility, its staff, and residents.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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