Travelers Offers New Product Liability Insurance for Life Sciences Companies
Travelers (NYSE: TRV) has launched Travelers Synergy℠, a new customizable product liability insurance specifically designed for life sciences companies. The coverage aims to protect medical technology, pharmaceutical, biopharmaceutical, and digital health companies from product-related claims costs.
The insurance offering includes core coverage for product or work-related bodily injury and property damage, with additional optional protections such as:
- Errors and omissions liability coverage
- Product recall expenses coverage for Class I recalls
- Clinical trial medical expenses coverage
Customers will have access to Travelers' specialized resources, including the Life Sciences Business Torts Claim team, safety professionals, risk management tools, and training services. The company has over 40 years of experience insuring life sciences businesses. Travelers Synergy will be available in most states for policies effective from April 1, 2025.
Travelers (NYSE: TRV) ha lanciato Travelers Synergy℠, un nuovo prodotto di assicurazione sulla responsabilità civile personalizzabile, specificamente progettato per le aziende del settore delle scienze della vita. La copertura mira a proteggere le aziende di tecnologia medica, farmaceutiche, biofarmaceutiche e della salute digitale dai costi legati a richieste di risarcimento relative ai prodotti.
L'offerta assicurativa include una copertura di base per lesioni corporee o danni materiali legati al prodotto o al lavoro, con ulteriori protezioni opzionali come:
- Copertura per responsabilità da errori e omissioni
- Copertura delle spese di richiamo del prodotto per richiami di Classe I
- Copertura delle spese mediche per studi clinici
I clienti avranno accesso alle risorse specializzate di Travelers, inclusi il team di gestione dei reclami per torti aziendali nel settore delle scienze della vita, professionisti della sicurezza, strumenti di gestione del rischio e servizi di formazione. L'azienda ha oltre 40 anni di esperienza nell'assicurare le aziende delle scienze della vita. Travelers Synergy sarà disponibile nella maggior parte degli stati per polizze valide a partire dal 1 aprile 2025.
Travelers (NYSE: TRV) ha lanzado Travelers Synergy℠, un nuevo producto de seguro de responsabilidad civil personalizable, diseñado específicamente para empresas de ciencias de la vida. La cobertura tiene como objetivo proteger a las empresas de tecnología médica, farmacéuticas, biofarmacéuticas y de salud digital de los costos relacionados con reclamos por productos.
La oferta de seguros incluye cobertura básica para lesiones corporales o daños a la propiedad relacionados con el producto o el trabajo, con protecciones adicionales opcionales como:
- Cobertura de responsabilidad por errores y omisiones
- Cobertura de gastos de retiro de productos para retiros de Clase I
- Cobertura de gastos médicos de ensayos clínicos
Los clientes tendrán acceso a los recursos especializados de Travelers, incluido el equipo de reclamos por agravios comerciales en ciencias de la vida, profesionales de seguridad, herramientas de gestión de riesgos y servicios de capacitación. La empresa tiene más de 40 años de experiencia asegurando negocios de ciencias de la vida. Travelers Synergy estará disponible en la mayoría de los estados para pólizas efectivas a partir del 1 de abril de 2025.
Travelers (NYSE: TRV)는 생명 과학 기업을 위해 특별히 설계된 새로운 맞춤형 제품 책임 보험인 Travelers Synergy℠를 출시했습니다. 이 보장은 의료 기술, 제약, 바이오 제약 및 디지털 건강 기업을 제품 관련 청구 비용으로부터 보호하는 것을 목표로 합니다.
보험 상품에는 제품 또는 작업 관련 신체 상해 및 재산 피해에 대한 기본 보장이 포함되며, 추가 선택적 보호가 제공됩니다:
- 오류 및 누락 책임 보장
- 1급 리콜에 대한 제품 리콜 비용 보장
- 임상 시험 의료 비용 보장
고객은 Travelers의 전문 리소스에 접근할 수 있으며, 여기에는 생명 과학 비즈니스 손해 청구 팀, 안전 전문가, 위험 관리 도구 및 교육 서비스가 포함됩니다. 이 회사는 생명 과학 비즈니스를 보험하는 데 40년 이상의 경험을 가지고 있습니다. Travelers Synergy는 2025년 4월 1일부터 유효한 정책을 위해 대부분의 주에서 제공될 예정입니다.
Travelers (NYSE: TRV) a lancé Travelers Synergy℠, un nouveau produit d'assurance responsabilité civile personnalisable, spécifiquement conçu pour les entreprises des sciences de la vie. La couverture vise à protéger les entreprises de technologie médicale, pharmaceutiques, biopharmaceutiques et de santé numérique contre les coûts liés aux réclamations concernant les produits.
L'offre d'assurance comprend une couverture de base pour les blessures corporelles ou les dommages matériels liés au produit ou au travail, avec des protections optionnelles supplémentaires telles que :
- Couverture de responsabilité pour erreurs et omissions
- Couverture des frais de rappel de produit pour les rappels de Classe I
- Couverture des frais médicaux pour les essais cliniques
Les clients auront accès aux ressources spécialisées de Travelers, y compris l'équipe de gestion des réclamations pour les torts commerciaux dans le domaine des sciences de la vie, des professionnels de la sécurité, des outils de gestion des risques et des services de formation. L'entreprise a plus de 40 ans d'expérience dans l'assurance des entreprises des sciences de la vie. Travelers Synergy sera disponible dans la plupart des États pour des polices effectives à partir du 1er avril 2025.
Travelers (NYSE: TRV) hat Travelers Synergy℠ eingeführt, ein neues anpassbares Produkt-Haftpflichtversicherungsprodukt, das speziell für Unternehmen im Bereich der Lebenswissenschaften entwickelt wurde. Der Versicherungsschutz zielt darauf ab, Unternehmen der Medizintechnologie, Pharma-, Biopharma- und Digitalgesundheit vor kostenpflichtigen Ansprüchen im Zusammenhang mit Produkten zu schützen.
Das Versicherungsangebot umfasst eine Grunddeckung für körperliche Verletzungen oder Sachschäden, die mit dem Produkt oder der Arbeit in Zusammenhang stehen, sowie zusätzliche optionale Schutzmaßnahmen wie:
- Haftpflichtdeckung für Fehler und Auslassungen
- Deckung der Rückrufkosten für Produkte der Klasse I
- Deckung der medizinischen Kosten für klinische Studien
Kunden haben Zugang zu den spezialisierten Ressourcen von Travelers, einschließlich des Teams für Geschäftsschäden im Bereich Lebenswissenschaften, Sicherheitsfachleuten, Risikomanagement-Tools und Schulungsdiensten. Das Unternehmen verfügt über mehr als 40 Jahre Erfahrung in der Versicherung von Unternehmen im Bereich der Lebenswissenschaften. Travelers Synergy wird in den meisten Bundesstaaten für ab dem 1. April 2025 wirksame Policen verfügbar sein.
- Launch of new specialized insurance product expanding market presence in life sciences sector
- Leverages 40+ years of experience in life sciences insurance
- Comprehensive coverage including product liability, E&O, recall expenses, and clinical trials
- New product won't be available until April 2025, potentially losing near-term market opportunities
Insights
Travelers has launched Travelers Synergy℠, a specialized product liability insurance solution targeting the life sciences sector. This strategic product expansion enhances the company's offerings in a high-complexity, potentially high-margin segment of the insurance market.
The new product provides customized coverage options for medical technology, pharmaceutical, biopharmaceutical, and digital health companies throughout their product lifecycle. The modular design includes core liability protection plus premium add-on coverages: errors and omissions liability, product recall expense reimbursement, and clinical trial medical expenses coverage.
This development represents an evolution rather than revolution in Travelers' business strategy, as the company notes its 40+ years of experience in the life sciences sector. The specialized nature of this offering could support premium pricing in this niche, though without specific revenue projections, the financial impact remains uncertain.
The April 1, 2025 implementation timeline indicates this won't affect near-term quarterly results. The product appears to leverage existing expertise including Travelers' specialized Life Sciences Business Torts Claim team, safety professionals, and risk management tools.
This launch demonstrates Travelers' continued focus on specialized, high-complexity sectors where technical expertise and customized solutions can potentially command premium pricing and strengthen customer retention through specialized service offerings.
“Life sciences companies are dedicated to improving health care 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,” said Jennifer Ampulski, Life Sciences Practice Lead at Travelers. “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.”
In addition to coverage for losses due to product- or work-related bodily injury or property damage, Travelers Synergy offers add-on coverages, including:
- Errors and omissions liability coverage – Protects against financial loss caused by errors, omissions or negligent acts in connection with the company’s products or work.
- Product recall expenses coverage – Provides reimbursement for certain product recall expenses directly attributable to a Class I recall of medical or biotechnology products.
- Clinical trial medical expenses coverage – Provides payment for medical expenses for bodily injury occurring during a clinical trial, regardless of fault.
Customers will have access to Travelers’ industry-leading resources and support, including the Life Sciences Business Torts Claim team, a group of experienced Claim professionals who understand the intricacies of products liability and complex business disputes; specialized safety professionals; interactive risk management tools; and training services.
Travelers has been insuring life sciences businesses for more than 40 years, covering a range of specialties, including manufacturers of brand name and generic drugs, biologics, biosimilars, pediatric drugs, cell and gene therapy solutions, and veterinary pharmaceuticals and nutraceuticals.
Travelers Synergy will be available in most states for policies effective on or after April 1, 2025. To learn more about Travelers Synergy, contact your insurance agent or broker, or visit Travelers.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of more than
View source version on businesswire.com: https://www.businesswire.com/news/home/20250310771853/en/
Media:
Kate Thermansen, 860-954-1789
ktherman@travelers.com
Source: The Travelers Companies, Inc.
FAQ
What new insurance product did Travelers (TRV) launch for life sciences companies?
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What additional coverage options does Travelers Synergy offer beyond basic product liability?
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