ACO RISKS: The Changing Dynamic

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1 ACO RISKS: The Changing Dynamic September 19, 2014 Marsh HealthCare Practice Mark Karlson Introduction Who we are: Marsh & McLennan Companies - Fortune 250 Financial Services Company: Risk & Benefits Consulting - Mercer / Oliver Wyman: Human Resources and Benefits consulting - Guy Carpenter: Financial and Reinsurance capital solutions - Marsh: Risk Management and Insurance consulting Who I am: Mark Karlson - Marsh National Practice Leader for HealthCare Management Liability - 28 Years of experience serving large health systems clients and large health insurer clients - National view of evolving HealthCare industry issues and risks - 17 of top 25 Health Insurers are clients - Over 50% of Large US Health Systems are clients MARSH 1

2 Discussion Topics Industry Trends Leading to ACO s Timeline and Transition Threats and Response Defining Accountable Care Organizations (ACOs) Critical Elements of all ACOs Business Risks and Strategies Establishing Provider Networks Managing the Shift - Developing Transitional Care Models Payor Contracting Coordinating Care Operational Risks and Risk Transfer Protections Structure Managed Care, Directors & Officers and Data Security/Privacy Liability Provider Excess Loss and Medical Professional Liability Potential Claims and Litigation Scenarios Risk Identification and Protection Process 2 Industry Trends 2

3 Industry Trends Transition Traditional Care Model Costly acute and chronic care Expensive co-pays Complicated referrals Multiple medications Confusing provider network Expensive hospitalization Patient Redundant treatment Emergency? call 911 Risk of adverse selection death spiral Small margin for sicker patients No informed consent Confusing benefits and billing No access to transportation Problems go unnoticed Health Plan Missed appointments Emotionally attached No focus on longer-term care plans Disconnected and fragmented system with limited accountability Denial of coverage Wait weeks to see doctor Every patient touch equals revenue Too many patients, too little time Hard to fit patients in schedule Hard to find quality docs Hard to be ideal doc Physicians Staff focused on costs, not prevention Byzantine billing More billing staff than nurses Limited physician collaboration Professional frustration Multiple Lack resources specialists to manage Conflicting No holistic chronic illnesses MARSH treatments September 16, care Source: Oliver Wyman Industry Trends Transition - Building Towards an ACO Model Home (Preventive Care) (1) Wellness (2) Acute Care Hospital Wellness and Fitness Care Retail Pharmacy Physician Clinics Diagnostic/Imaging Center Urgent Care Center (3) Post Acute In-Patient Rehab Skilled Nursing Facility Out-Patient Rehab Home Care Ambulatory Procedure Center 5 3

4 Defining ACOs Defining an Accountable Care Organization (ACO) ACO can mean different things Strict HHS definition: - Medicare population only - Networks of Physicians working together to reduce costs - Strict laws and Guidelines on structures, anti-trust exemptions, etc. - Must have a formal legal structure to distribute savings - Leadership structure, Information structure, and population of 5,000+ Broader HealthCare Community Definitions Alliances between various parties to reduce Healthcare costs - Health Plans and Physicians - Hospitals and Physicians - Investors and Physicians Stand alone legal entities Contractual relationships between independent entities 7 4

5 ACO Objectives and Approaches Common objectives, differing approaches Common General Objectives Preventing Chronic Disease Improving coordination/transition among providers Avoiding hospital re-admission Differing ACO Approaches Providers in group practices Providers in networks JV or partnership between hospital and providers Hospital employing providers Insurers contracting with providers There is no standard ACO structure, only common goals 8 Critical Elements of ACOs ACOs are still loosely defined but have a set of key elements that are centered around the concept of shared accountability for cost and quality. Key Elements Legal Organization and Local Accountability Formal legal structure to receive and distribute shared savings Management and leadership structure for decision making Include PCPs and a core group of specialists to cover care continuum Shared Savings ACO-specific expenditure benchmarks established based on historical trends and adjustments for patient mix Bonus payments based on risk-adjusted, per beneficiary spending levels below benchmark Payment Incentives Development of payment models to align incentives across participants Health Information Exchange Sharing of data / information to equip providers to manage clinical risk Risk-adjusted performance reports for providers, payers, and consumers Health Management Infrastructure and Capabilities Use of infrastructure to provide better population and treatment management 9 Source: Oliver Wyman 5

6 Defining an ACO: Capitalization Requirements and Approaches drive Structure Capital Requirements Infrastructure creation Reserves for higher than expected medical costs State law requirements Cash flow needs Medicare savings reimbursements may lag inception by 2 years Capital Sources and ACO Models Physician only Non-profit tax exempt For profit corporation LLC model Hospital Division or Single Member LLC Structure drives Liabilities and Risks 10 Defining an ACO: Structure drives Liability and Insurance Needs Stand alone independent entity (For Profit / Non Profit) No majority owner Potentially Multiple investors Board of Directors is ultimate authority and is indemnified only by the ACO All legal liability attaches to this entity and its people Independent entities or Subsidiaries that are majority owned by another entity Qualifies as a subsidiary under a larger parent company Parent capitalizes the subsidiary and is legally liable for its exposures and operations May have unique needs that differ from other sister entities or parent Contractual relationships Different parties provide different services No ownership issues, capitalization need, or shared liability Liability attaches to each entity only for specific services provided by that entity 11 6

7 Business Risks and Strategies for ACOs Key Risk Areas Establishing The Financial Relationships Home (Preventive Care) (1) Wellness (2) Acute Care Hospital Wellness and Fitness Care Retail Pharmacy Physician Clinics Diagnostic/Imaging Center Urgent Care Center (3) Post Acute In-Patient Rehab Skilled Nursing Facility Out-Patient Rehab Home Care Ambulatory Procedure Center 13 7

8 Key Risk Areas The Timing Risk Moving too fast you could Outrun the change in payment models Outstrip your organization s capacity for change Get too far ahead of your physicians Cede short-term ground to competitors Fail to make it past the middle game When to make the change? But fast enough to Shape emerging payment models Spark your organization s capacity for change Forge a new relationship with your physicians Seize the market initiative from competitors Build readiness for the endgame 14 Key Risk Areas The Models of Risks Emerging Payment Models Will Take Various Forms High Global capitation Degree of Complexity ACO Clinical integration program Disease-specific capitation Bundled episodes (pre- and post-care included) Bundled episodes (inpatient only) P4P/value-based purchasing Recovery Audit Contractors Inpatient case rates (DRGs) Fee for service Low Scope of Risk High Source: Sg2 ACO = accountable care organization; P4P = pay for performance; DRG = diagnosis-related group. 15 8

9 Key Risk Areas Growth in At-Risk Contracting Medicare Medicaid Dual Eligible Patients in Provider Risk Contracts Commercial Self-Pay Source: Sg2 16 Key Risk Areas The Operational Risks Direct Medical Services Coordination of care Review of medical necessity of treatments Warehousing and Sharing of electronic patient data Educational information to the population Formation of provider networks Provider credentialing Prescription medication coordination Monetary systems Data tracking Corporate Governance Employment of doctors Employment of staff Health Insurance Plans for managed population Benefit plans for employed staff MARSH September 16,

10 Operational Risk and Risk Transfer Protections ACO Structures Defining Structures and Liabilities Various ACO Structures Exist Physician only Non-profit tax exempt For-profit corporation LLC model Hospital Division or Single Member LLC Structure Impacts Liability and Risk Transfer Stand alone independent entity - No majority owner - Potentially multiple investors - Board of Directors is ultimate authority and is indemnified only by the ACO - All legal liability attaches to this entity and its people Independent entities or subsidiaries that are majority owned by another entity - Qualifies as a subsidiary under a larger parent company - Parent capitalizes the subsidiary and is legally liable for its exposures and operations - May have unique needs that differ from other sister entities or parent Contractual relationships - Different parties provide different services - No ownership issues, capitalization need, or shared liability - Liability attaches to each entity only for specific services provided by that entity 19 10

11 ACO: What are my Operational Risks? Risks Enhanced / Created by ACO Transition Director s & Officers Health System Data Privacy Employment Practices Liability Medical Errors & Omissions Accountable Care Organization (ACO) Stop Loss Provider Insurer Medical Profession al Liability Billing Errors & Omissions MARSH Managed Care Errors and Omissions Liability Needed if: Entity engages in care coordination, health/wellness education, claims processing or handling, utilization review, credentialing, establishment of networks, sharing of costs/reimbursements, etc There is no Managed Care E&O coverage available for these services from a related entity or parent entity Provides Coverage for: Claims brought against the entity for professional services performed for customers, or providers Claims brought against the entity by customers, competitors, regulators for errors in the provision of professional (non-medical) services

12 Managed Care Errors and Omissions Liability Key risk areas that are covered Network formation Care coordination Utilization review Credentialing Vicarious liability for medical malpractice Health Benefit claims handling Operation of health insurance plans 22 Managed Care Errors and Omissions Liability Claims and Liability Scenarios Lawsuit alleging restraint of trade or unfair business practices brought by excluded physician Lawsuit alleging failure to provide required medical services brought by a patient who was not directed to receive a specific treatment Lawsuit alleging self interest of the ACO for withholding a medical treatment to obtain a financial benefit for the ACO Lawsuit alleging that the ACO is liable for the medical errors of a physician 23 12

13 Directors and Officers Liability Needed if: Board of Directors exists for this entity Indemnification comes from this entity only No parental D&O coverage available Legal entity does not meet the definition of Subsidiary under a parent s D&O policy Provides Coverage for: Claims brought against individuals for the (mis)management of the entity Claims brought against the entity by customers, competitors, regulators relative to the management of the entity Employment Practices Liability related to employment issues of employees who work for the entity 24 Directors and Officers Liability Key risk areas that are covered Strategic decisions around the structure of the ACO Strategic decisions around the counterparty relationships of the ACO Financial structures of the ACO Corporate Governance failures of senior leadership Any act or error in the management of the ACO 25 13

14 Directors and officers Liability Claims and Liability Scenarios Lawsuit alleging that ACO profit sharing was not distributed amongst partners correctly Lawsuit alleging that ACO structure was unfairly created to benefit one party at the expense of all others Lawsuit alleging unfair business practices by competitors Lawsuit alleging failure of due diligence process in an M&A transaction Lawsuit alleging that the financial structure of the ACO injured one of the ACO partner entities Lawsuit alleging that an ACO Board member was acting in the best interest of her full time employer rather than in the best interest of the ACO 26 Cyber Security / Data Privacy Coverage Needed if: Entity will handle PHI, Social Security Numbers, Credit Information, or other forms of private data Data/computer systems in use are owned or leased by the ACO Even if systems in use are already covered via coverage purchased by the owner, the ACO needs to cover its own exposure Provides Coverage for: Claims brought by ACO subscribers whose personal data was lost by the ACO or who allege that the ACO simply did not protect the privacy of their information Claims relating to cyber breaches or hacking events that cause a loss to any party to whom the ACO is liable (subscriber, provider, hospital, employer group, BAA, etc.) Covers data breach notification costs, credit monitoring, etc

15 Cyber Security / Data Privacy Coverage Key risk areas that are covered Loss of PHI Network Breach and resultant los of secure information Network breach and resultant system downtime Infection by a computer virus transmitted across a network Failure to secure credit card or social security information Disclosure of confidential medical information Breach Notifications 28 Cyber Security / Data Privacy Coverage Claims and Liability Scenarios Lawsuit alleging that network systems created to share information with ACO partners allowed patient PHI to be exposed to the public Lawsuit alleging that patient information files were cross contaminated by a systems error Lawsuit alleging patient medical files were left unprotected Lawsuit alleging that customer information was not secures - A few stories - A file cabinet of patient information - A lost hard drive - A cell phone camera - A missing thumb drive - A stolen unencrypted laptop 29 15

16 Potential Insurance Coverage Needed: Stop Loss / Provider Excess Needed if: Entity is taking on financial risk excess of payment caps Entity could suffer financial loss if unexpectedly high medical costs arise within the serviced population Capital adequacy could be undermined by unanticipated medical costs Provides Coverage for: Financial loss if the entity incurs medical expenses in excess of anticipated levels 30 Potential Insurance Coverage Needed: Stop Loss / Provider Excess Key Risks Covered Overutilization High cost individual cases (premature babies, transplants, extreme cost treatment cases) Unexpected financial outcomes based on population uncertainty This is a financial loss tool, not an operational loss tool Consider use of this financial tool in early years of managing an uncertain population with downside risk contracts 31 16

17 Medical Professional Liability Needed if: Organization/Employed Providers are directly providing health care/ medical services Contracted/Employer/Participating physicians and other providers not purchasing their own medical professional liability coverage There is no parent or related organization that is able to provide medical professional liability Structures to Consider Extended Reporting (ERP)/tail coverage available through existing physician policies Stand-alone commercial ERP/tail policies Separate group commercial insurance program (Loading Zone Program) Cover under entities retained and risk transfer insurance program - Captives and Risk Retention Groups 32 Potential Insurance Coverage Needed: General Liability / Auto Liability / Umbrella Needed if: Entity has physical locations where it interacts with the general population Entity has owned or hired automobiles Entity is physically operating in owned or leased space/offices Entity does not have access to coverage under the coverage of a parent or related entity Provides Coverage for: Bodily injury, property damage, or personal injury caused to a nonemployed person (not medical malpractice arising out of medical services) Liability to third parties arising out of the operation of vehicles 33 17

18 Potential Insurance Coverage Needed: Workers Compensation Coverage Needed if: Entity has employees Entity cannot be consolidated under the workers compensation program of a parent entity Provides Coverage for: Physical injuries suffered by employees while at work 34 Potential Insurance Coverage Needed: Property Coverage Needed if: Entity owns or leases real property (buildings, office furnishings, IT infrastructure and equipment, etc) No property coverage is available from a parent or related entity Provides Coverage for: Damage to physical property that is owned by the entity or for which the entity is legally liable pursuant to a lease or other legal agreement 35 18

19 Operational Risk: Allegation and Coverage Identification ACO Activities that Create Exposures D&O EPL MCE&O Medical Privacy Peer review X X X Credentialing X X X Risk sharing & allocation X Claims services X Access and sharing of records X Market share concentration X X Provider contracting X X HIPPA X X X Case Management X Data sharing X X Employing staff / physicians X Utilization review X 37 19

20 ACO Activities that Create Exposures D&O EPL MCE&O Medical Privacy Professional staff shortages X X Setting protocols X X Mergers and acquisitions X X Disease management X X Coordination of care X X Physician integration X Entering into payor contracts X Regulations X X X Treatment / care decisions X X Failure to follow EBM pathways X X Development of provider networks X X X 38 Liabilities of an ACO Where Allegations Could be covered D&O EPL MCE&O Medical Privacy Antitrust X X Claims from the government X X X X Bodily injury X X Vicarious liability X X Discrimination X X X Failure to treat X X Privacy breach X X X Breach of contract X X X 39 20

21 ACO Risks Entering into Payor Contracts ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Entering into Payor Strategy Payor Contracts Participation in contract choices, competition, developing and meeting established targets; Preparation for payment reform (Value Based Purchasing/Bundled Payments/Total Cost Of Care/Capitation); assessing revenue, productivity, and costs to measure performance, outcomes, patient satisfaction; Pricing of Services - market competitive pricing and contract negotiation maximization. Contract negotiations, (mis) management Directors and Officers Coverage; Managed Care Errors & Omissions Coverage Financial Risks associated with Cost of Care / Pricing of Services Manage cost of production; utilization management; cost per visit or cost per episode; staff productivity; asset maximization; cost per care setting. Financial loss for medical expenses in excess of anticipated levels Provider Excess Loss - Stop Loss 40 ACO Risks Establishing Provider Network ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Establishing Provider Network Establishment of Continuum of Care Partnerships, Credentialing Risks, Technical network and claims processing Economic Alignment of ACO members Selecting partners across the continuum of care JV s, Contracted affiliates, physician relationships and developing a network across the entire continuum of care; meeting targeted goals for the ACO; antitrust when waivers don't apply Organizational incentive alignment; Correlation of physician and hospital financial returns; Distribution of shared savings/losses; Physician coding documentation, expense control, maximize performance based reimbursement; Compensation models integration of Fair Market Value productivity and physician performance measures Anti trust; vicarious liability; contractual liability; suits by customers, competitors, regulators for errors in provision of nonmedical professional services Directors and Officers Coverage; Managed Care Errors & Omissions Coverage Clinical Case Management; Managed Care E&O 41 21

22 ACO Risks Offering Coordinated Care to Enrollees ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Offering Coordinated Care to Enrollees Care Individual patient care management, Management disease management with clinical standards, care navigators across key clinical specialties; triage processes for pre patients and patient needs; pharmacy management integrated into care management. Errors in delivery of medical services Clinical Risk Management; Health Care Professional Liability; Data Security / Privacy Coverage Patient Experience/ Engagement Patient experience focus on satisfaction drivers; patient engagement - shared decision making; patients taking better care of themselves through prevention strategies; patients helping ACO become better providers of care. Developing relationships with patients and families to support health and outcomes. 42 ACO Risks Technical Support ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Technical Support through Enterprise Risk Management and Health Information Exchange Measurement Infrastructure Data collection, measurement analysis, reporting structures, data warehouse, defined components on quality and cost of care reports; expanding IT needs for ACO; data reliance, reliability, operationalizing the network Reliance, breach, business continuity, Data Security/ Privacy Coverage; Managed Care E&O Regulatory Compliance HIPAA, OIG, Joint Ventures, AG Inquiries, STARK; tax issues; CMS - ACO regulations and billing FDA requirements; NCQA requirements; legal and financial accountabilities; state and federal law discrepancies Compliance Consulting; Case Management; Government Billings Cover; Managed Care E&O 43 22

23 ACO Risks Developing Transitional Care Delivery Models ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Developing Transitional Care Delivery Models Quality, Risk and Safety Standards Alignment Involving organizational resources and providers to achieve quality goals and maximize performance based reimbursement for defined quality outcomes Errors in delivery of medical services Medical Professional Liability; Clinical best practices consulting Clinical Excellence Effective Primary Care Model Coordination of patient care including flow, handoffs; Reduction in variation of practice; Development of system wide care processes; Clinical Service Line defined practices; Consolidation of activity pertaining to diagnosis and treatment of patients Full scope of primary care clinicians to provide primary care services from prevention to end of life; New models of care delivery - e.g. team care; medical home; Staffing models to meet new models of care delivery. 44 ACO Risks Coordinating Management Services ACO Key Risk Area Components Exposure Possible Responsibilities Treatment (1) Coordinating Management Services Integration Consistent compliant processes for credentialing, peer review, claims processing/handling, utilization review, support; ICD 10 conversion, electronic medical records deployment/training; employment/labor issues of member parties that impact ACO service delivery Liability for errors in provider review/ management Medical Professional and General Liability; Cyber Liability; 1. The "Possible Treatments" are referenced in terms of how these risks would be treated through traditional commercial placements. Of course an integrated approach combining some or all of these coverages is possible through the commercial market. Additionally, ACO s captive could be utilized to provide these coverages separately or as an integrated program as well

24 Understanding Risk and Insurance Marketplace: Managed Care Managed Care Exposures Historical exposure of health insurers - Credentialing - Network formation - Utilization review - Benefit claim processing - Education to plan members Managed Care Errors & Omissions Insurance Structure - Claims Made, Annual Aggregate, Annual Renewals Marketplace - 6 to 8 potential primary markets, Plentiful capacity Coverage - Designed to cover all health insurer type activities MARSH September 16, Understanding Risk and Insurance Marketplace: Directors and Officers Liability D&O Exposures Liability arising out of management and strategic decision making - Investor Claims - Competitor Claims - Governmental Claims - Employment related claims D&O Insurance Structure - Claims Made, Annual Aggregate, Annual Renewals Marketplace - 15 potential primary markets, Plentiful capacity Coverage - Designed to cover all management related exposures - Does not cover exposures related to the providing of services to members of the served population MARSH September 16,

25 Understanding Risk and Insurance Marketplace: Medical Services and General Liability Medical Malpractice and General Liability Exposures Liability relating to interactions with the population - Medical Malpractice - General Liability Med Mal / GL Insurance Structure - Typically Captive and Excess for large entities Marketplace - Very competitive marketplace - Coverage - Designed to cover medical services exposures and general liability exposures MARSH September 16, Risk Analysis: Suggested Review Process 1. Review Legal status and ownership 2. Review Scope of Services within the new structure 3. Evaluate Roles and Responsibilities of involved parties 4. Determine if current insurance programs purchased by the involved parties address all of the new risks created by the new structure 5. Modify existing insurance placements if possible 6. Create new insurance structures to address risks that cannot be handled within pre-existing insurance programs 7. Monitor new structure for new exposures or activities into the future MARSH September 16,

26 Evaluating Roles and Responsibilities Stand Alone Entity New Subsidiary Party A Party B Third Party Legal Structure Ownership Percentage Board Governance responsibility Senior Management representation Provider Network creation Provider credentialing Case Management Utilization Review Employment of doctors Employment of clinical staff Employment of administrative and operational staff Financial Operations Data and technology services MARSH Evaluating Roles and Responsibilities Stand Alone Entity New Subsidiary Party A Party B ThirdParty Contract Negotiation with Health Plans Contract Negotiation with doctors Medical Malpractice Liability Owner of physical locations and property Source of indemnification to Board Members Source of financial capital Responsible for financial allocations Responsible for Health Plan sales and claims Governmental filings Debt offerring entity Access / control of patient records Privacy Breach Exposure MARSH 26

27 Evaluating Roles and Responsibilities Stand Alone Entity New Subsidiary Party A Party B ThirdParty Case Management Utilization Review Disease Management Coordination of Care Negotiation and contracting with Payors Treatment and Care Decisions Development of Provider Networks AntiTrust Exposure Governmental claims exposure Bodily Injury exposure Vicarious Liability for Medical Malpractice exposure Privacy Breach Exposure MARSH Breach of contract exposure Managed Care E&O In Depth Review Macro Level Overview of Managed Care E&O Claims Examples Policy Mechanics Grant of Coverage Definitions Exclusions Conditions MARSH 27

28 Overview Managed Care Errors and Omissions Insurance has historically been purchased by Managed Care insurers to cover their liabilities that arise out of: Establishing networks of providers, Providing benefit plans to customers, and handling benefit determinations Vicarious medical malpractice exposure relating to the medical services provided by a credentialed in network physician. Managed Care E&O claims can come from several sources: Claim from customers regarding benefit determinations or other service related issues Claim from providers regarding contracting, payment, or network related issues Claim from governmental bodies or regulators regarding the overall operation of the plan, anti-trust issues, or other business practice issues Managed Care E&O insurance is increasingly being purchased by Health Systems and providers as they venture into health benefits insurance and other non-medical related services MARSH Claims Examples Individual or class action claim by plan member(s) for wrongful denial of benefits (ie autism treatments) Individual or class action claim from provide not allowed in to a network Individual or class action claim from provider regarding contract/payment Claim by regulators regarding antitrust issues Claim by regulators regarding monopolistic business practices Claim by competitors regarding unfair business practices Claim by plan member(s) regarding financial disclosure practices Claim by plan members arising out of adverse medical outcome of services performed by a credentialed in network physician Restraint of trade claim by medical provider denied participation in network Privacy / data security claim by a plan member whose PHI or other confidential information is exposed MARSH 28

29 Discussion Topics Industry Trends Leading to ACO s Timeline and Transition Threats and Response Defining Accountable Care Organizations (ACOs) Critical Elements of all ACOs Business Risks and Strategies Establishing Provider Networks Managing the Shift - Developing Transitional Care Models New Metrics - Technical Infrastructure Support Payor Contracting Coordinating Care Operational Risks and Risk Transfer Protections Structure Managed Care, Directors & Officers and Data Security/Privacy Liability Provider Excess Loss Medical Professional Liability 56 Contacts Mark Karlson, CPCU, ARM Marsh Managed Care Practice Leader

30 This document and any recommendations, analysis, or advice provided by Marsh (collectively, the Marsh Analysis ) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein Copyright 2012 Marsh Inc. All rights reserved

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