Nanotechnology Insurance Coverage Explained
Nanotechnology Insurance Coverage is advised for companies involved in manufacturing at an atomic or molecular level. The extremely small size of such materials, have unique properties that, in many cases, are not yet understood. While nanotechnology is exciting and presents many advancements for future, there are also many undefined and unsubstantiated risks associated with it.
Nanotechnology Risk Management
Companies with exposure to nanotechnology should consider requiring vendors, or even sub-vendors, to disclose nanotechnology used in the production of what they provide your company.
Companies with exposure to nanotechnology should share information with their broker and insurer to ensure proper nanotechnology insurance coverage is secured and to prevent claims of nondisclosure in the future.
Workers involved in nanotechnology research, development or production of nanoparticles are at risk for a workplace injury or illness resulting from exposure, which may lead to occupational health and safety or employee injury claims.
Nanotechnology Insurance Coverage Considerations
Because of the vast scope of nanotechnology, several types of nanotechnology insurance coverage may be needed.
Nanotechnology Insurance- Nanotechnology Insurance General Liability & Property Coverage. Any business engaged in nanotechnology needs to have sufficient property damage, business Interruption/business Income and commercial general liability (CGL) coverage in place.
Nanotechnology Insurance- Environmental-Related Claims. In addition to CGL coverage, companies with environmental risks should be covered under environment liability as well. Though not everything is known about nanoparticles, they may be released into the environment during production, storage, transportation, product use or disposal, and accidental releases into the environment and cause damages to others or require specialized clean-up/abatement.
Nanotechnology Insurance- Products LiabilityAgain, due to the uncertainty, consider products recall coverage, because such risks could cause massive product recalls in the future.
The most important thing for employers to do regarding nanotechnology insurance coverage is stay informed about the ways nanotechnology is used in their own companies and or by its suppliers.
To Learn More About Nanotechnology Insurance Coverage Insurance Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com