Add standard liability insurance to the list of woes that seniors housing and care operators must address. Such coverage is not only getting more difficult to find, rates are climbing by as much as 300%, according to Reuters.
The challenge has been increasingly problematic in recent years. But the coronavirus pandemic has exacerbated matters.
Such protection is critical for operators, given eldercare’s inherent risks. From resident falls to staff caregiver mistakes, non-coverage can be fiscally fatal. But brokers told Reuters that some insurers are halting new deals, whereas others are making coverage unaffordable.
One consequence is that many operators who do renew policies are opting for lower coverage levels.
