Kentucky Hospital Insurance Company, A Risk Retention Group: A Comprehensive review

You may want to find out more about the Kentucky Hospital Insurance Company (KHIC) if you have a hospital in Tennessee or Kentucky.

KHIC is a captive insurance company that provides professional, general, and umbrella liability coverage to its members.

In this article, I will explain what KHIC is, how it works, what benefits it offers, and how you can join or contact them.

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Learn everything about Kentucky Hospital Insurance Company, a captive insurance company that provides liability coverage to hospitals in Kentucky and Tennessee. (Image by vecstock on Freepik)

What is KHIC?

Participating hospitals own KHIC, a captive risk retention group with Kentucky jurisdiction.

In collaboration with Houchens Insurance Group, KHA Solutions Group—a fully-owned subsidiary of the Kentucky Hospital Association (KHA)—created it.

KHIC’s mission is to develop, market, distribute, and administer medical professional liability and related coverage programs to hospitals through the captive.

KHIC operates under contract with KHA Solutions Group, which has access to all the major carriers providing professional liability insurance in Kentucky.

KHA Solutions Group also offers other property and casualty insurance products for hospitals, such as workers’ compensation, D&O/Employment Practices, Crime, Fidelity, Property, and Auto.

How does KHIC work?

KHIC provides primary professional, general liability, and umbrella excess coverage for hospitals.

Primary coverage limits of $1 million and $3 million are provided on a claims-made basis for professional liability for all subscriber facilities and scheduled employees.

KHIC writes umbrella excess coverage with limits up to $10 million above scheduled underlying coverages, including professional liability and general liability (inclusive of employee benefits liability), employer’s liability under workers’ compensation, and automobile liability.

With the emerging trend of physicians becoming employed by hospitals, the KHIC program can also provide coverage for employed physicians.

KHIC also offers third-party claim administration services for its members.

KHA Solutions Group’s services include investigation, negotiation, recommendation on settlement, and/or monitoring the defense of claims.

KHA Solutions Group will review expenses and fees, cut checks for expenses and indemnity, and make required reports to reinsurers on claims with large loss potential.

In addition, KHA Solutions Group will maintain files on all claims, set reserves, and provide loss runs and other risk management reports.

What benefits does KHIC offer?

KHIC offers several benefits to its members.

Some of them are:

  • Stable: KHIC provides consistent coverage that does not fluctuate with market conditions or carrier changes.
  • Comprehensive: KHIC covers a wide range of risks that hospitals face in their daily operations.
  • Competitive: KHIC offers competitive rates that reflect the quality of service provided by its members.
  • Creative: KHIC seeks to achieve an outstanding reputation for cost containment, aggressive claims administration, and various risk management and loss control programs.
  • Innovative: KHIC develops new products and services that meet the changing needs of its members.

How can you join or contact KHIC?

Suppose you are interested in joining or contacting KHIC as a member hospital, an insured physician, or an employee benefits provider.

In that case, you can visit their website or call them at 800-222-2222.

You can also find more information about their products and services on their website.

Conclusion

KHIC is a captive insurance company that provides professional, general, and umbrella liability coverage to its members in Kentucky and Tennessee.

Moreover, KHA Solutions Group, in partnership with Houchens Insurance Group, developed it.

Under contract with KHA Solutions Group, it operates by accessing major carriers offering professional liability insurance in Kentucky.

Additionally, it provides third-party claim administration services to its members.

KHIC offers several benefits to its members, such as stability, comprehensiveness, competitiveness, creativity, and innovation.

I hope this article has given you a clear overview of what KHIC is all about.

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