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Cutting Edge International Protection

State-of-the-Art Coverage for Medical Technology Companies

Travelers combined product, errors and omissions, and information security liability to create MedFirst, an innovative liability insurance coverage package for the medical technology industry.

The evolution of software and electronics for medical devices, as well as the transferring of electronic personal identity records, is creating a new combination of risks in the medical technology industry. To address these risks, MedFirst combines three liability insurance coverages - products/completed operations liability, errors & omissions (E&O) liability, and information security liability - in a single insurance policy.

The integration of medical devices and software exposes companies to financial loss as well as traditional bodily injury damages. Errors & Omissions (E&O) exposures now exist where once the primary risk concern was product liability.

MedFirst - an innovative liability coverage package.

MedFirst offers the convenience of three coverages in one insurance policy: Products/Completed Operations Liability, Errors & Omissions Liability, and Information Security Liability.

Now, MedFirst Plus offers additional coverage enhancements: MedFirst Plus is a new, innovative endorsement offering Product Recall Expenses Coverage, Security Breach Notification Coverage and Clinical Trial Medical Expenses Coverage options to MedFirst policyholders.

MedFirst coverages:

1. Products/Completed Operations Liability InsuranceCoverage for damages because of bodily injury or property damage included in the products/completed operations hazard, which includes bodily injury arising out of your work for a clinical trial.

2. Errors & Omissions Liability InsuranceCoverage for consequential or compensatory damages due to economic loss that arises from your products or your work and is caused by an error, omission or negligent act.

3. Information Security Liability InsuranceCoverage for failure to prevent unauthorized access to, or use of, personal identity information or protected health information of others. The inclusion of information security liability coverage differentiates MedFirst from other carriers' policies that combine product liability with errors and omissions coverage. Travelers' information security liability coverage 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.

MedFirst Plus coverage enhancements:

1. Product Recall Expenses CoverageReimburses the named insured for certain product recall expenses directly attributable to a class I recall of medical or biotechnology products from the coverage territory. The recall must be initiated by the named insured during the policy period and the products must have been physically relinquished to others.

2. Security Breach Notification and Remediation Expenses CoverageReimburses the named insured for certain expenses directly attributable to a security breach that is caused by an information security wrongful act.

3. Crisis Management Service Expenses CoverageReimburses the named insured for certain expenses incurred to mitigate negative publicity directly attributable to a covered errors and omissions wrongful act or covered information security wrongful act.

4. Clinical Trial Medical Expenses CoverageProvides 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"

Additional MedFirst features include:

  • Enterprise-wide coverage
  • Worldwide coverage except where prohibited by U.S. law
  • Information security liability coverage that specifically addresses privacy-related risks
  • Information security liability coverage that specifically addresses privacy-related risks
  • A simplified approach for obtaining coverage, saving time for agents and customers with one application, one underwriter and one policy

A broad range of medical technology and software companies qualify. MedFirst is available to companies of all sizes and many specializations from across the medical technology and software industries, including medical device, biotech and telemedicine companies.

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