Lexington Introduces LexCap OverturnSM.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Insurance Company, a Chartis company, today announced the introduction of LexCap Overturn(SM), an endorsement to Lexington's medical professional liability policies that allows insureds to purchase additional limits at pre-established rates in the event that a specific state's cap on non-economic damages is overturned or ruled unconstitutional unconstitutional adj. referring to a statute, governmental conduct, court decision or private contract (such as a covenant which purports to limit transfer of real property only to Caucasians) which violate one or more provisions of the U. S. Constitution. . Non-economic damage caps currently exist in 27 states. LexCap Overturn builds upon Lexington's extensive history in the medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. market, and will be underwritten and serviced by Lexington's highly experienced team of underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , risk consulting and claims management personnel. Brad Cox Brad Cox is a computer scientist and Ph.D. of mathematical biology known mostly for his work in software engineering (specifically software reuse), software componentry, and the Objective-C programming language. , Senior Vice President and Division Executive of Lexington's Healthcare Division, said: "Tort reform involving caps on non-economic damages has been of significant benefit to the healthcare industry. However, the constitutionality of these caps has been challenged in a number of states. An insured might find itself underinsured un·der·in·sure tr.v. un·der·in·sured, un·der·in·sur·ing, un·der·in·sures To insure under a policy that provides inadequate benefits: Be certain that you are not underinsured against catastrophic illness. if a statutory cap that limits non-economic damages is overturned." LexCap Overturn provides an insured the option to purchase additional medical professional liability limits if a cap on non-economic damages is overturned during the policy term at a price determined at policy inception. The structure of LexCap Overturn is economically efficient. It gives the insured certainty regarding the availability and cost of additional limits in the event the insured decides that additional limit is needed. For more information regarding LexCap Overturn, contact Dick Bucilla, Executive Vice President of Lexington's Healthcare Division at (617) 330-8336 or Dick.Bucilla@chartisinsurance.com, or Brian Dudek, Vice President of the Healthcare Division's Hospital Professional Liability Unit at (617) 330-8330 or Brian.Dudek@chartisinsurance.com. You can also visit www.lexingtoninsurance.com. Chartis is a world leading property-casualty and general insurance organization serving more than 40 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry's most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence. Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.Chartisinsurance.com. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage may be provided by a surplus lines insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . Surplus lines insurers do not generally participate in state guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. funds and insureds are therefore not protected by such funds. |
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