Chubb Named Preferred Insurance Provider for Medical Device Manufacturers
WARREN, NJ. - The Medical Device Manufacturers Association (MDMA) has endorsed the Chubb Group of Insurance Companies as the preferred property and casualty insurance provider for its members. Given the various risk mitigation and other best practices programs offered by MDMA, MDMA members are eligible for a discount of 10 percent on premium for commercial package policies they purchase from Chubb.
“Chubb’s life sciences expertise lends itself to uniquely understand the exposures faced by medical device manufacturers,” said Mark Leahey, executive director of the MDMA. “We are pleased to have established a relationship with this highly regarded insurer.”
“We look forward to meeting the needs of MDMA’s membership through customized insurance and loss prevention solutions for clinical trials liability, errors and omissions, products liability and professional liability,” said Philip Fiscus, senior vice president, Chubb & Son, and worldwide life sciences manager. “We are proud to receive this endorsement of Chubb’s capabilities from a very dynamic and growing organization.”
According to Leahey, MDMA decided to endorse Chubb based on:
* The insurer’s top financial strength ratings over many decades;
* Its dedicated team of life sciences underwriters, loss control and claims professionals; and
* Its ability to provide insurance products and services that comply with local laws and regulations through more than 120 offices around the world.
Insurance for MDMA members is available through Chubb’s network of independent agents and brokers. Chubb also provides liability – as well as property and specialty – coverages to other life science industries, including biotechnology, pharmaceutical, dietary supplement, drug discovery technology and product development organizations.
The Medical Device Manufacturers Association is a national trade association based in Washington, D.C., representing innovators and entrepreneurs in the medical device industry. MDMA seeks to improve the quality of patient care by encouraging the development of new medical technology and fostering the availability of innovative products in the marketplace.
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