Posted: March 30, 2010

Insurance company introduces nanotechnology specific liability coverage and risk management services

(Nanowerk News) Lexington Insurance Company, a Chartis company, today introduced LexNanoShield, an integrated insurance product and array of risk management services designed for firms whose principal business is manufacturing nanoparticles or nanomaterials, or using them in their processes.
For the exposures faced by these pioneering companies, LexNanoShield includes liability coverage that provides protection for general liability, product liability, product pollution legal liability and product recall liability exposures. In addition, first party product recall coverage is available to reimburse expenses incurred if a product containing nanoparticles or nanomaterials is recalled from the market for safety reasons. LexNanoShield also provides insureds with legal, technical and loss control consulting services to help develop, implement and assess nanotechnology-specific risk management programs.
“The enhanced reactivity of materials on the nanoscale has led to sunscreens you can’t see, clothes that don’t wrinkle, and paint coatings that don’t scratch. Because many of these products and others like them are relatively new, they require unique coverage and service,” said Tom McLaughlin, Lexington’s Senior Vice President of Specialty Casualty. “LexNanoShield can help insureds assess and manage these new nanotechnology exposures.”
LexNanoShield is written on a claims made basis and is available to firms domiciled in the United States. Supporting risk management services include two hours of confidential consultation with a national law firm with expertise in nanotechnology, as well as two hours of technical consulting and on-site loss control consultations.
For more information regarding LexNanoShield, contact Bob Nevin, Product Line Manager, at 617-772-4546 or [email protected], or Tom McLaughlin, Senior Vice President of Lexington’s Specialty Casualty unit, at 617-330-8555 or [email protected].
Source: Chartis