Trials and products
Distinguish trial-related liability from marketed-product exposures and selected recall expenses.
Life Sciences
Life Sciences Insurance.
Life sciences insurance should change with your development stage, from research and clinical trials to production, distribution and the risks of marketed products.
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What we look at.
Research and stock
Review the value of research property and temperature-sensitive materials, including spoilage and contamination terms.
Territories and transit
Align trial locations, local insurance needs and shipment conditions with the actual program.
Products Liability
Liability from insured products, with attention to development stage, territories, uses and exclusions.
Clinical Trial Liability
Trial-specific liability subject to protocol, territory, parties and applicable requirements.
Directors & Officers
Management liability tailored to the entity, governance and investor structure. Review exclusions, defense and change-of-control terms.
Cyber Liability
Incident response, liability and selected first-party losses. Review security conditions, business interruption and fraud provisions.
Property & Equipment
Research and operating property, equipment and stock. Consider specialist valuation, breakdown and temperature exposures.
Product Recall
Selected recall and withdrawal costs, subject to the defined trigger, insured products and covered expenses.
Cargo & Transit
Goods moving between locations, with attention to valuation, handling, temperature control and territorial terms.
Workers Comp
Review payroll, classifications, work locations and employer's liability. Statutory requirements vary by state and circumstances.
Questions & answers
Good questions to ask.
When should a life sciences company revisit insurance?
Review before material changes in trials, development stage, products, manufacturing, territories or distribution. The participants, contracts and values at risk can change as a product moves toward commercialization.
Does a U.S. policy meet every overseas clinical trial requirement?
Do not assume so. Review the trial protocol, sites, sponsor obligations, countries and local insurance requirements. Some programs may need locally issued policies and specific evidence of insurance.
How should we review temperature-sensitive materials?
Identify peak values, storage and shipping conditions, backup controls and replacement time. Compare spoilage, contamination, equipment failure, utility interruption and transit terms; the cause of the temperature change matters.
Can a company without product sales need business income coverage?
Yes, the review can include continuing research expenses and expected milestone income. Specialized forms may address these exposures after covered property damage; definitions, valuation and the recovery period need close attention.
From our journal
Related articles.
Industry and coverage references
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