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Insurance for Life Sciences and MedTech Contamination Insurance Feature: Covers the damages and the resulting business interruption caused by organisms, microorganisms, gases, and liquids. Benefit: Extends basic coverage, which typically excludes contaminants, chemicals, irritants, and more under the pollution exclusion. R & D Insurance Feature: Protects you in the event of loss or damage to research and development property including cultures, specimens, and cell lines. Covers you for direct damage and business interruption costs and expenses. Benefit: Insurance policies don’t typically cover expenses such as the re-creation of materials based on the cost to re-create a prototype, or the value of future revenue streams, grants, endowments, and the like. Research Animal Insurance Feature: Insurance protection for research animals in the event of injury or death. Benefit: Covers the replacement costs of animals, which is not covered under traditional property insurance. Clinical Trials Liability Insurance Feature: Insurance protection for companies sponsoring human clinical trials. This insurance is different than product liability coverage because it covers companies not yet selling a product, in phases I to III of clinical trials. Benefit: Covers you for routine patient complaints and more severe incidents occurring in a clinical trial. General liability and products coverage don’t typically cover injury, illness, and disease that result from a clinical trial. Medical Product Liability Insurance Feature: Covers bodily injury or damage to the property of others which is caused by medical products. Benefit: Standard insurance companies without
biotech or medtech specialty products insure only against premises,
or “slip and fall,” type claims. M O O D Y |
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