2021-06-23 Insurance

Medical device development is an exercise in risk management. What are the changes of causing harm to patients and operators? What can you do to avoid or mitigate those risks. After all the product design and development and trials are complete, there will still be some residual risks left that can't be avoided. This is where insurance steps in and it would be a brave product developer who went to market without it.
At 12pm today, Mieke Van Dam from Chubb insurance will walk us through the different kinds of insurance available to product developers. The standard insurance options relate to product liability, errors and omissions (financial injury), cyber risks and clinical trials.
We will then look at a number of examples of insurance claims made against developers of medical products, including issues arising during clinical trials, a faulty hearing aid software glitches and a cyber security breach caused by the product.