SAINT PAUL, Minn., Aug 13, 2010 (BUSINESS WIRE) -- The evolution of software and electronics for medical devices and the transferring of electronic personal identity records is creating a new combination of risks in the medical technology industry. To address these risks, Travelers (NYSE: TRV) announces MedFirstSM - a combination of three liability coverages packaged in a single insurance policy: products/completed operations liability, errors & omissions (E&O) and information security liability.
The continuing integration between medical device and software companies exposes them to financial loss in addition to traditional bodily injury damages. "E&O exposures now exist where once the primary risk concern was product liability," said Patty Nichols, Director of Medical Technology at Travelers. "Also, privacy requirements are a greater concern as information is transferred from one organization to another - increasing the need for information security liability coverage."
Travelers MedFirst key features include:
- Enterprise-wide coverage,
- Worldwide coverage*,
- Information security coverage that specifically addresses privacy-related risks,
- A simplified approach for obtaining coverage, saving time for agents and customers with "one application, one underwriter, one policy."
What differentiates MedFirst is the information security liability coverage that responds to failures to prevent unauthorized access to, or use of, personal identity information or protected health information as defined by the Health Insurance Portability and Accountability Act (HIPAA) of 1996.
Travelers Global Technology has a strong commitment to the medical technology industry - serving these clients for more than 25 years. MedFirst is supported by dedicated underwriting, claims, and risk control experts who understand the unique requirements of medical technology companies. A broad range of medical technology and software companies are eligible for MedFirst coverage - from the simple to the complex and from the small to the large.
The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. The company's diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $25 billion in 2009. For more information, visit http://www.travelers.com.
* Except where prohibited by U.S. law.
Coverage for all claims or losses depends on actual policy provisions. Availability of coverage can depend on underwriting qualifications and state regulations.
SOURCE: The Travelers Companies, Inc.
Gail Liebl, 651-310-6902