The policyholder is a large medical device manufacturer, established in 2006, producing a variety of single use instruments for use in general surgery. Based in the United Kingdom the company has built up a strong client base including the NHS and a number of overseas contracts.
Whilst the organisation is experienced and well-managed there was one issue that required further investigation before we could agree terms. In its early days the company had been involved in the development and sales of an orthopaedic implant.
As such the company needed retroactive cover for these products. There had been no safety issues, but the company found it difficult to find an insurance carrier that would agree to cover the more onerous implant exposure together with the relatively straight forward instrument product they were now involved with.
In this sector we are used to seeing new and challenging technologies so we find comfort in understanding how our potential clients manage the associated risks.
- We undertook research into the safety profile of the orthopaedic product and similar products to determine if there was any current or potential litigation being talked about.
- We met with the client to understand their business and discuss their demands and needs going forward.
- The client demonstrated to us a high level of competence in their field and we demonstrated to them our commitment and expertise to providing insurance in this sector.
- We provided cover on a worldwide basis including retroactive cover for the orthopaedic products.