Page 5 - Specialty Practice March Newsletter

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COVID-19 Implications for Healthcare

The coronavirus (COVID-19) outbreak is still severe in China and is now spreading in other
countries at a rate that is causing some governments to implement more aggressive
response and quarantine efforts. While containment measures are in place help to slow the
spread, even in the US and Canada, where only a relative few have the disease, public
health officials are anticipating and preparing for community spread. The US Centers for
Disease Control (CDC) spokesperson, in a recent telebriefing stated that community spread
“may and is likely to occur.” If/when that happens, the healthcare industry will be on the
front lines of the public health response.
The overall impact on global, national, and local economies may be significant both near
term and long term. Global supply chains are already being severely strained. A direct
impact being felt already is the question of availability of N95 respirators used extensively
in healthcare to prevent exposure.
Healthcare institutions are required in many cases to have emergency response plans to
respond to potential pandemics. Since it’s been a good many years since the last pandemic
scare, organizational resilience, business continuity, and emergency response plans may be
a bit dusty. Our healthcare clients may already be asking how their insurance policies will
respond or impacted by a pandemic; what would or would not be covered under various
policies and scenarios; what policies are available for pandemic related losses; are response
plans sufficient. Hospitals may have more resources and be a bit more sophisticated in
planning and preparation for a pandemic; nursing homes and other healthcare services
maybe less so. I will be discussing these issues in the upcoming healthcare summit in April.
HUB Risk Services is prepared to have a discussion about a potential
pandemic regarding COVID-19 and how organizational resilience, business
continuity, and emergency response can help them get through this
event but also the host of other potential disasters and threats that can
negatively impact their business and institution. Our risk consulting
services can be a differentiator when talking with clients and prospects.
- Jim Burke, Healthcare Risk Lead (New England Region)

Real Estate & Hospitality Summit  NEXT WEEK!

The Real Estate Practice and Hospitality Practice is ready for their combined summit
happening in Vancouver, BC next week! This is the first summit to take place in Canada,
and the practice leadership team is so excited! Don’t forget to dial into the monthly calls to
stay in the loop with everything happening in these practices.

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