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PRODUCT LIABILITY FOR MEDICAL DEVICES

Product Liability insurance covers manufacturers, distributors and importers against legal liability arising from losses or injuries caused by a defect or malfunction of a product. The policy indemnifies the company from claims arising out of any defect which results in bodily injury and/or property damage.

Product Liability Insurance is a claim made policy, i.e., it covers claim and/or circumstances which may rise to a claim, which were first known to the company during the policy period.

The Life Sciences Industry is unique in its specific exposures and the necessary insurance requirements. It is often difficult to obtain proper coverage for the specific exposures of these companies, which may not be protected under standard Professional Liability policies.

When seeking product liability coverage for medical device, you should consider the following protections:

  • Products-Completed Operations Liability
  • Clinical Trials Liability
  • Scientific Advisory Board Members
  • Global Liability Coverage

Each line of these protections offers coverage enhancements that go beyond insurance industry standards.

Insurance coverage should be "tailored made" specifically for medical device companies. The coverage could be vary from one company to another, and may include general liability, product liability and human clinical trail liability.