Our Life Sciences policy is designed to cover the full breadth of unique risk exposures faced by Life Science businesses. This innovative insurance product allows companies along the entire Research & Development chain to secure their funding streams and general business activities. Suitable for a range of companies from drug developers, CROs, CMOs and contract research service providers, our policy includes the below features and can be tailored to meet specific business needs.
Spoilage of Perishable Stock Cover
This covers costs associated with the remanufacturing of stock, including cost of raw materials and labour, subsequent business interruption cover for lost research and development expenditure, and contractual committed costs as well as expenses.
Contract Research Organisation Bodily Injury Cover
Most policies offer financial loss cover for contract research organisations, but our policy can even provide cover in the event clinical trial contract research services lead to injury of a research subject.
We agree to pay sums which you become legally obliged to pay as a result of a claim made against you arising out of bodily injury to a research subject. This also includes ancillary costs and expenses in relation to a claim resulting from a medical trial.
Business interruption cover
Our cover is designed to be comprehensive and flexible, so our innovative cover is offered on a “flexible first loss” basis, which means whatever type of business interruption loss is suffered, only one sum insured needs to be purchased. Other benefits include cover for damage at supply chain premises and loss or damage to stock in transit.
LIABILITY TO THIRD PARTIES
Our policy provides broad, specialist liability cover, including product and services liability covering third party property damage, bodily injury and financial loss.
Clear, unambiguous cover for breach of a client contract. We will pay all sums which you become legally obliged to pay as a result of any claim by a client made against you – including liability for claimants’ costs and expenses.
Wide range of endorsements available
We have a wide range of complementary cover available to tailor the insurance to your business’ needs. An example of this includes the ‘No Fault Compensation’ clinical trial insurance for single trials, or on an annual multi trial basis.
No one wants to read 100 pages of incoherent insurance jargon. That’s why our policy wording is clear and concise, so you know exactly what’s covered. Although it is less than 10 pages long, you can rest assured that it offers some of the broadest and most robust cover on the market.
EXCEPTIONAL SERVICE LEVELS
Obtaining cover can be a lengthy and time-consuming process. Our experienced team, however, are able to quote and bind policies instantaneously as long as we have all the information we need.