Travelers launch new liability coverage package for medical technology industry

Travelers, a property and casualty insurer, has launched MedFirst, a new liability coverage package for the medical technology industry. The package combines three liability coverages packaged in a single insurance policy: products/completed operations liability, errors & omissions (E&O) and information security liability.

MedFirst features include: enterprise-wide coverage, worldwide coverage, information security coverage that specifically addresses privacy-related risks.

According to the Travelers, MedFirst is an information security liability coverage that 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.

Travelers director of medical technology Patty Nichols said that the E&O exposures now exist where once the primary risk concern was product liability.

“Also, privacy requirements are a greater concern as information is transferred from one organization to another – increasing the need for information security liability coverage,” Nichols said.