My friend, the answer is yes. There is a Rosemount component designed only to do what you are asking for. It is called Hart Tri-Loop. The installation of this component is very easy, as see below.

The order number for a Tri-Loop depends on its alarm function. When you get a bad sensor, the Tri-Loop will send a signal lower than 4mA, or higher than 20mA. Depending on its part number

  Part Number     Tri-Loop Version

• 03095-0810-0001 High Alarm Tri-loop
• 03095-0810-0002 Low Alarm Tri-loop
• 03095-0810-0003 High Alarm Tri-loop, Custom Configuration
• 03095-0810-0004 Low Alarm Tri-loop, Custom configuration

You can download its manual here:

http://www2.emersonprocess.com/siteadmincenter/PM%20Rosemount%20Documents/00809-0100-4754.pdf