Nanotech Faces Insurance Hurdles

Chemical & Engineering News

Newcomers to a growing nanotechnology manufacturing industry face an unexpected stumbling block when they try to acquire traditional business insurance, owners say. Obtaining basic coverage for facilities, equipment, and employees took more than six months of continual effort working with a broker and a consultant and cost tens of thousands of dollars more than anticipated, says Craig Bandes, president and CEO ofPixelligent Technologies, a zirconia nanocrystal manufacturing facility in Maryland. Bandes and others shared their insurance woes in a webinar hosted by the federal government’s National Nanotechnology Coordination Office that focused on roadblocks to success in nanotechnology commercialization. “Nano is new, and insurance companies just weren’t doing it,” Bandes says. The challenge, he adds, is convincing insurers to take a closer look at facilities that produce nanomaterials before denying coverage on the basis of health concerns. EPA reviews the manufacture of nanoscale materials under the Toxic Substances Control Act, but risks associated with these products remain unclear because toxicity data are insufficient.

by Jessica Morrision on January 27, 2015

Chemical & Engineering News

ISSN 0009-2347

Copyright © 2015 American Chemical Society

Keep Up to Date on Industry Breakthroughs

Sign up for Pixelligent insights!