Medical Technology Industry Has New Coverage Options through OneBeacon's @vantage for MedTech |
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Written by U.S. Insurance News
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Sunday, 20 January 2008 |
OneBeacon Insurance Group has already established itself as a provider of coverage for the IT industry. Now, it wants to create the same reputation in the medical technology arena.
OneBeacon recently introduced @vantage for MedTech, coverage for complex medical technology operations.
The product offers comprehensive products liability protection for businesses that develop, manufacture, or distribute medical devices. Included in the product are automatic extensions of coverage for vendors, scientific advisory boards, and human clinical trial contractors; automatic human clinical trials coverage; coverage for representations and warranties relating to a business's products and services; a supplemental extended reporting period of unlimited duration; and liability extensions for sales and demonstration exposures.
Matt Mueller, national technology manager for OneBeacon Commercial Middle Market, said that through @vantage for MedTech, his company has eliminated the need for special endorsements.
"@vantage for MedTech is a tailored insurance package that meets all of a policyholder's needs in one step," he said.
Besides products liability, @vantage for MedTech includes premises and operational liability, property, automobile, errors and omissions, umbrella and workers compensation. Among other provisions, property coverage includes research and development property, as well as spoilage, contamination, and change in temperature.
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