To our knowledge, this press release announces the first nano-specific liability insurance coverage available in the United States. Many nano-related businesses have been waiting a long time for a product like this. It will be interesting to see industry reaction.
Lexington Insurance Company Introduces LexNanoShieldSM
March 30, 2010 10:15 AM Eastern Daylight Time
NEW YORK–(EON: Enhanced Online 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.
“LexNanoShield can help insureds assess and manage these new nanotechnology exposures.”
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.”
For more information regarding LexNanoShield, contact Bob Nevin, Product Line Manager, at 617-772-4546 or email@example.com, or Tom McLaughlin, Senior Vice President of Lexington’s Specialty Casualty unit, at 617-330-8555 or firstname.lastname@example.org. You can also visit www.lexingtoninsurance.com.