The coronavirus pandemic has made it even harder for senior-care centers in the United States to find or afford standard liability insurance, with rates soaring by as much as 300%, insurance brokers said.
FILE PHOTO: Residents in a senior living facility look out from their apartment amid the coronavirus disease outbreak in Revere, Massachusetts, U.S., April 7, 2020. REUTERS/Brian Snyder/File Photo
Senior care facilities need general and professional liability insurance, which protect against everything from slip-and-fall incidents to staff-member mistakes that harm patients. Senior-care communities who can renew policies are paying far more for less coverage, industry sources said. Some insurers are adding exclusions not just for the novel coronavirus, but for communicable diseases at large. Exclusions for costs related to class-action lawsuits are also cropping up.
It is not yet clear how higher insurance rates are impacting the U.S. senior care industry, but pandemic-related expenses have already pushed some entities into the red.
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