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Negotiating for Liability Coverage

May 1, 2008

1 Min Read
Negotiating for Liability Coverage

BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT

To protect the financial health of their companies, medical device executives seek to obtain the broadest possible liability coverage at the most reasonable rates. When these objectives have been met, companies will have coverage adequate to protect them from financial harm without paying too much for that coverage. Following are five more tips that can help medtech executives get the best coverage at the best price.

  • Try to meet with the insurance underwriter in person.

  • Emphasize the company's favorable loss and claims history (assuming that the facts support such statements).

  • If the company has experienced claims and losses, explain what happened and cite the specific steps that have been taken to prevent their recurrence.

  • Approximately 90 days before an insurance renewal, ask the insurance company if it expects to make any material changes in the pricing or coverage terms of the new policy.

  • Ask the underwriter to quote premiums for different levels of deductibles or self-insured retentions. A higher deductible can usually result in a lower premium.

Copyright ©2008 MX

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