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HUD amends liability insurance guidelines
LTC Liability Monitor, September 8, 2004
Nursing homes receiving funding from the U.S. Department of Housing and Urban Development (HUD) should take notice of the agency's revised requirements for liability insurance.
Released last month, the directive-Notice H04-15, amending H04-01-is intended to guarantee the financial stability of a nursing home's insurer before granting a loan guarantee under section 232, according to National Underwriter. Nursing homes and other healthcare facilities commonly depend on HUD to guarantee loans against default when refinancing and renovating their facilities.
The new directive lowered the rating for nursing home captive insurers from an A rating to a B++ rating from AM Best. Because captives must be in the market for a few years before AM Best can rate them, nursing homes insured by new captives are not helped by the changes, National Underwriter reported.
While the notice makes it more feasible for some providers to access HUD 232 program financing, more changes are necessary, the National Center for Assisted Living said in a press release.
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