Zurich North America, the regional arm of the global insurance provider, is introducing a covid-19 reimbursement product for employers to provide cash benefits to eligible employees hospitalized for more than five consecutive days as a result of the coronavirus pandemic.
In the United States, the company said net profits from the offering will go to hunger relief charities, at a time of rising food insecurity fueled by unemployment.
The covid-19 reimbursement product, brought to market as a Surplus Lines policy, is available to large employers, typically with 5,000 or more eligible employees, in most industries.
This new offering is one way we can help support the resilience of employers and employees coping with coronavirus impacts."
"This new offering is one way we can help support the resilience of employers and employees coping with coronavirus impacts," said Zurich North America CEO, Kathleen Savio. "We want to enable employers to provide financial assistance, beyond medical benefits they may provide, to eligible employees hospitalized for covid-19."
Zurich said the cash benefits can help with the financial stresses of an extended hospitalization, including costs that primary health insurance may not cover. These include:
- Benefits are provided for hospitalizations exceeding five consecutive days.
- Benefits include an amount per day (subject to a maximum number of days) and an additional lump sum amount upon discharge from the hospital.
- In total, individual employees may be eligible for up to $4,000 of benefits.
Paul Horgan, head of Zurich's U.S. Commercial Insurance business unit. said: "Seeing the unfolding impact of coronavirus, we developed this product swiftly with input from our brokers and customers, the global Zurich organization and our Accident & Health team."
"It's a powerful example of speed and collaboration designed to support employers and employees in this time of covid-19."