With the COVID-19 pandemic, biotech companies are in the spotlight like never before. The development of novel therapies, vaccines and other treatments represents an enormously complex, expensive and risky set of activities. Insurance companies compete to offer every more innovative risk mitigating products to help innovators protect the company and investors. Recently, the UK offices of Chubb, a multinational insurance company, announced a comprehensive first and third-party policy specifically designed for companies developing life sciences products, solutions or services. Complimented by a wider service proposition backed by Chubb’s multinational expertise—including specialist Life Science underwriters, claims handlers, risk engineers and a suite of cyber support services—the new “MasterPackage for Life Sciences Companies” product in the UK could be of interest for select TrialSite Network members.
Designed to help the forward thinking life science venture keep pace with the needs and changing risks faced by Life Science clients, the latest Chubb package includes cyber protection, specifically tailored for the industry, and includes Products and Services liability extended to include bodily injury from a cyber attack. Errors and Omissions (E&O) also includes Delay in delivery and Counterfeit Goods, aligning with the Falsified Medicines Directive.
Now the Chubb’s MasterPackage for Life Science Companies includes clinical trials insurance coverage that commences if a patient starts a trial before the retro date. Coverage also is extended to compassionate use of investigational products as well as Contingent Medical Malpractice cover and Phlebotomy and Incidental Healthcare.
With a growing number of biotech firms submitting NDAs/BLAs the importance of comprehensive coverage, tailoring to the smaller company becomes ever more important. Hence, the Chubb’s MasterPackage for Life Science Companies offering for SME and Middle Market businesses. As the global insurer recently conveyed in a recent press release, biotech firms can now benefit by handling all coverage needs with a single insurer and underwriter in what the vendor describes as a “straightforward product with clear policy language.”
About Chubb’s Life Sciences
Chubb’s offers specialized insurance options for clinical trials and other life sciences activity. See the link for more details.
Chubb Limited is incorporated in Zurich, Switzerland, and is the parent company of Chubb, a global provider of insurance products, covering property and casualty, accident and health, reinsurance and life insurance and is in fact the largest publicly traded property and casualty company in the world. Operating in 54 countries and territories, Chubb was actually acquired by ACE Limited in 2016 but adopted the Chubb name.
Lead Contact UK for Life Sciences
Mark Roberts, P&C Chief Underwriting Officer, UK & Ireland