To fill in the potential coverage gaps not covered by a traditional general liability policy, Travelers has introduced MedFirst Plus, four new coverage endorsements to its MedFirst policy for the medical technology and device industry.
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 a 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.
In addition to MedFirst and MedFirst Plus, Travelers offers a full range of property and casualty insurance products and services for medical technology and device companies, from start-ups to the well-established.
MedFirst Plus will be available in all 50 states.
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