Medical Device Product Liability Insurance
Medical Device Product Liability Insurance for Products that your company designs, manufactures, markets and distributes.
| Dental Supplies | Xray and Imaging Devices | Surgical Supplies | Mobility Scooters |
| Medical Supplies | Lab Equipment | Syringes and Needles | Bandages |
| Canes & Walkers | Expendables: Gloves, Gowns | Wheelchairs | Catheters |
What is Medical Device Product Liability Insurance?
Liability insurance is designed to protect your business against losses even if you are negligent or liable for damage, injury or loss to another’s property. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business as a result of a Products Liability Suit. Hence, Products liability insurance will cover the insured for suits that arise out of damage or injury of use of a product that the insurance policy holder manufactures or sells.
Bodily Injury
Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.
Property Damage
In the event your business or product causes damage to, or causes the loss of use of someone’s property. Property damage liability
Anyone that is responsible for the design, manufacture, sale or distribution of a component or end user product. This applies to any business or individual that manufactures their own product or even if the product’s manufacturing is subcontracted out buy another operation. Even if the operation is overseas and coverage is available for unscheduled devices, as well as FDA Class I, Class II and Class III.
How is a Medical Device Product Liability Insurance Policy Rated?
A Products Liability Insurance Policy is rated on several factors.
- What is the product you are covering?
- How many of these products will be distributed into the market?
- What are they used for and who will be using them?
- How long are they intended to last?
- What are they made of?
- How clearly defined are the usage instructions, directions and guarantees and or warranties that are provided with the product?
- What claims does the manufacturer or distributor make about the product, either in writing, demonstration or in media?
What Does Medical Device Product Liability Insurance Cost?
Directors and Officers Liability – optional
- Defense costs in addition to the Limit of Liability
- Most favorable venue wording for punitive, multiple or exemplary damages
- Order of payments language with priority placed on indemnifying Individual Insured first
Professional Liability Insurance Coverages – optional
- Occurrence or Claims-Made forms available.
- Separate coverage part so no erosion of General Liability aggregate limit.
- Provides vicarious coverage for sub-contracted physicians, dentists, and optometrists.
- Contingent, Vicarious Liability for employed and volunteer physicians.
- Primary Professional Liability for employed and volunteer physicians and dentists while in the course of employment is available.
Enhancement Endorsements Available
- Include $50,000 limits each for Business Travel Accident Benefit, Donation Assurance, Emergency Real Estate Consulting Fee, Identity Theft Expense, Image Restoration and Counseling, Key Individual Replacement Expenses, Kidnap Expense, Terrorism Travel Reimbursement, Workplace Violence Counseling. $25,000 limits for each Conference Cancellation, Fundraising Event Blackout, Political Unrest.
- ($5,000 per employee), Temporary Meeting Space Reimbursement and $1,500 Travel Delay Reimbursement Crisis Management Enhancement Endorsement.
- $25,000 limit for crisis management emergency response expenses incurred because of an incident giving rise to a “crisis” Loss Control Services.
- Product specific web-based loss control solutions.
- Free On-line interactive Defensive Driver Training course and examination.
- Regular E-Flyer communications on current Loss Control issues and Large Loss Lessons Learned.
- Strategic partnership with best in class vendor for discounted background & motor vehicle record (MVR) checks.
If you need a quote on Products Liability Insurance Coverage, Click Here -> Product Liability Insurance Quote for Medical Device Products.
Risk Strategies – Castle Rock Capacity Insurance ©2006
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