Travelers has launched Travelers Synergy, a new product liability coverage designed specifically for life sciences companies.
The new proposition will support medical technology, pharmaceutical, biopharmaceutical and digital health companies.
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Travelers Synergy covers losses due to product or work-related bodily injury or property damage.
It includes additional coverages such as errors and omissions liability, which safeguards against financial loss from errors, omissions or negligent acts related to the company’s products or work.
Furthermore, the offering encompasses product recall expenses coverage, providing reimbursement for specific product recall expenses linked to a Class I recall of medical or biotechnology products.
It also offers clinical trial medical expenses coverage, which includes medical expenses for bodily injury incurred during clinical trials, regardless of fault.
The new offering will be available in most states for policies, effective 1 April 2025.
Customers using Travelers Synergy will gain access to support from the company’s Life Sciences Business Torts Claim team.
Travelers life sciences practice lead Jennifer Ampulski said: “Life sciences companies are dedicated to improving healthcare through innovation, and having liability coverage that addresses their individual needs can give them the confidence to create new solutions and bring them to market.
“Travelers Synergy provides a menu of insurance options that protect against issues arising from the product at any point in its development life cycle, from research to distribution.”
Travelers has been providing insurance to life sciences businesses for more than four decades.
Its coverage encompasses manufacturers of biologics, biosimilars, brand name and generic drugs, cell and gene therapy solutions, paediatric drugs, and veterinary pharmaceuticals and nutraceuticals.
Last month, Travelers Europe appointed Mike Lawton as its new chief operating officer.
Lawton, who has worked in the broking and underwriting space for nearly 20 years, joined Travelers Europe in 2016.
