Coverage options for medical technology companies to address
emerging risk trends
SAINT PAUL, Minn.--(BUSINESS WIRE)--
The increased potential for data theft, malicious tampering and wireless
malfunctions in medical devices are top-of-mind concerns for the medical
technology and device industry. These emerging risk trends need to be
managed – and properly insured. To fill in the potential coverage gaps
not covered by a traditional general liability policy, Travelers (NYSE: TRV)
introduces MedFirst Plus, four new coverage endorsements to its MedFirst
policy.
To help customers manage their overall risk profile, the new Travelers
MedFirst Plus endorsements include:
- Product Recall Expenses Coverage
Reimbursement of
communication expenses, specified transportation expenses, specified
employee expenses, certain inspection and testing expenses, and public
relations expenses.
- Security Breach Notification and Remediation Expenses Coverage
Reimburses
the named insured for certain expenses directly attributable to a
security breach that is caused by an information security wrongful act.
- Crisis Management Service Expenses Coverage
Reimbursement
of reasonable fees, costs and expenses incurred and paid by the
insured to mitigate negative publicity such as retaining a public
relations or crisis management consultant or firm and planning and
executing your public relations campaign.
- Clinical Trial Medical Expenses Coverage
Provides
payment for “medical expenses” for “bodily injury” included in the
“products-completed operations hazard” regardless of fault. The bodily
injury must arise out of the injured person’s participation as a human
subject in a “clinical trial.”
MedFirst Plus complements the existing MedFirst trio of liability
coverages packed into a single insurance policy: products/completed
operations, errors & omissions and information security. “With more than
25 years of expertise in providing insurance coverage solutions to
medical technology companies, Travelers’ broad protection offered by
MedFirst and MedFirst Plus provides even greater flexibility in building
the right insurance coverage by packaging many desirable coverages
together in a single offering,” said Patty Nichols, Second Vice
President of Medical Technology Underwriting at Travelers.
Whether a medical technology customer is facing a potential liability,
or trying to manage business risks due to a product recall or a data
security breach event, Travelers has stayed in step with the needs of
this growing industry, with coverages and services that span the
lifecycle of product development – from R&D to clinical trials and
production to distribution.
“Selecting an insurance company can be a complex process. Identifying
your real exposures often goes far beyond the completion of a simple
checklist,” said Ronda Wescott, President of Travelers Global
Technology. “Travelers was a pioneer with the introduction of MedFirst
in 2010, and the endorsements in MedFirst Plus ensure we will continue
to lead the marketplace.”
In addition to MedFirst and MedFirst Plus, Travelers offers a full suite
of property and casualty insurance products and services tailored to the
needs of medical technology and device companies, from start-ups to the
well-established.
MedFirst Plus will be available in all 50 states. More information on
MedFirst and MedFirst Plus is available on the Travelers website, www.travelers.com/medicaltechnology.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
The company's diverse business lines offer its global customers a wide
range of coverage sold primarily through independent agents and brokers.
A component of the Dow Jones Industrial Average, Travelers has more than
30,000 employees and operations in the United States and selected
international markets. The company generated revenues of approximately
$26 billion in 2012. For more information, visit www.travelers.com.
Travelers
Gail Van Cleaf, 651-310-6902
gvanclea@travelers.com
Source: Travelers