The New Jersey Department of Banking and Insurance has approved a captive insurer formed by the Deborah Heart and Lung Center of Browns Mills.
The new captive will provide comprehensive general liability insurance coverage for the centre, as well as medical and hospital professional liability insurance for its employees.
The captive is the twenty-first captive insurance company to be approved in New Jersey sine 2011.
New Jersey Department of Banking and Insurance acting commissioner Richard Badolato commented: “We welcome Deborah Heart and Lung Center’s new captive insurance company to New Jersey’s growing captive market.”
“The centre’s decision to set up a captive insurer is a testament to the strength of our market and another indicator that captive insurance is an excellent risk management financing option.”
The Deborah Heart and Lung Center focuses on cardiac, vascular and lung disease. It works with the Deborah Hospital Foundation to finance patient care.
