Lexington Insurance Company has increased its capacity to $50 million from $25 million for the limits of liability offered for product liability insurance provided by its SAFETY Act Homeland Protector policy.
The company has also increased its capacity to $25 million from $15 million for the professional liability insurance provided by the policy.
SAFETY Act Homeland Protector policy provides product and professional liability coverage for companies developing and selling anti-terrorism products and technologies in accordance with the Support Anti-terrorism by Fostering Effective Technologies (SAFETY) Act of 2002.
The SAFETY Act provides important legal liability protections for providers of qualified anti-terrorism technologies – whether they are products or services. The liability protections of the SAFETY Act require product and technology providers to obtain insurance that meets certain standards and characteristics, which the SAFETY Act Homeland Protector policy provides.
David Bresnahan, executive vice president of Lexington Insurance Company, said: Due to the requests for increased limits which we receive from clients in the Department of Homeland Security’s designation or certification process, Lexington has raised its capacity to provide additional financial safeguard against risks when such products or technologies are deployed.