Introduction
Few insurers have the ability to offer a broad enough range of cover to suppliers and manufacturers of medical equipment.
Historically, Products Liability Insurance for medical equipment has been difficult to place, particularly where the products are exported to the United States. This has in part been due to adverse claims experience in certain areas although much has been due to the unwillingness of the insurance market to understand the range of products on the market and the potential exposures they present.
Tysers has negotiated an exclusive 'state of the art' policy with a major global insurer. The policy not only provides a broad form of cover at competitive premiums but also includes risk management advice on subjects of concern such as product labeling, safety design and instruction, as well as guidance on the legal climate in the United States.
Key Product Benefits
- Inefficacy - Insurers will provide indemnity for actions from third parties if the product fails to fulfill its intended function
- Public/Products Liability cover applies throughout the world including USA/Canada
- Product Recall - Insurers will pay for the costs associated with the recalling of products in the event they are likely to present a risk of injury
- Directors & Officers liability applies in respect of individuals and for expenses borne by the Company
- Employment Practices Liability - Insurers will pay for costs (other than certain punitive costs) awarded against the policyholder at employment tribunals for unfair dismissal and the like
- R & D - Insurers will pay for the abortive costs incurred following interruption of an R & D project caused by an insurable risk
- Cover for Human Clinical Trials may be included
- Internet Liability - Insurers will provide indemnity in respect of actions from third parties for infringement of copyright, libel, slander and transmission of viruses.
Summary of Cover
Property & Business Interruption
- Approval Re-instatement expenses
- Re-calibration expenses
- Full Theft
- Precious Metals
- Site cleaning following damage
- Involuntary betterment
- Business Protection following death
- Research expenditure
- Fines & penalties
- Additional Increases in costs of working - £50,000
- Full Public Utilities cover
- Supplier/Customer extension
Liabilities
- Standard £25M for Employers Liability Insurance
- Public/Products Liability up to £20M (with excess limits available)
- Financial Loss cover available
- Cover includes:
- Vendors Liability
- Advertising Liability
- Personal Injury
- Personal Liability overseas
- Excess Motor Third Party Property Damage
Product Recall Expenditure
Indemnity limit of £100,000 included as standard
Cover includes:
- Advertising costs
- Transportation Costs
- Hire of additional employees/overtime payments
- Hire of temporary storage space
Also available
- Higher indemnity limits
- Cost of replacement of recalled products
Marine Cargo
- Includes over land transit
- Provides a recovery service against negligent third parties
- Provision of risk management expertise and advice on cargo handling
Directors & Officers
Indemnity limits up to £25M
Cover includes:
- Single insuring agreement for directors & officers and for company claims
- Wide definition of eligible employees
- Employment disputes for all Insureds
- Libel & Slander claims
- Lawful spouses
- Automatic cover for new subsidiaries
- Advancement of defence costs up to policy limit
Workplace Violence
The act or threat of deadly force resulting in bodily injury or death occurring on the insured's premises
Limit of £50,000 included as standard
Cover includes
- Loss of business income
- Expenses involved in restoring public relations
- Consultant costs
- Costs in respect of salaries
- Medical expenses
- Rest and recovery expenses
- Temporary security measures
- Death benefit
Business Travel
Cover includes:
- Medical expenses
- Emergency repatriation
- Cancellation/Curtailment
- Personal belongings/money
- Business equipment
- Personal Liability
- Cost of sending out a replacement colleague
Group Personal Accident
- 24 hour protection
- Includes injury as a result of assault
- Cover available for sports and social club members and visitors
This is a mere overview of the cover and benefits. Other cover areas are available such as Motor Fleet and Engineering for example.
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