Specialist insurer Beazley has enhanced its life sciences insurance offering in the UK with the launch of a new policy designed to protect the sector’s small and start-up research & development-focused organisations.
This follows the successful UK launch of Beazley’s internationally focused middle market life sciences cover in 2019, and builds on the company’s experience in writing clinical research risks globally for more than 20 years.
Life sciences insurance for small business provides broad UK cover complementing Beazley’s middle market offering, which provides capacity for international risks, up to £25m. Beazley’s new offering for small businesses is focused on medical devices, clinical trials, diagnostic and testing laboratories, with capacity up to £5m.
Beazley’s new life sciences wording includes:
- Products liability
- Professional indemnity
- Public liability
- Clinical trials – no-fault compensation & legal liability
- Medical malpractice
- Claims made coverage
There are options to include additional sublimits for:
- Barcode rectification costs
- Research and development restoration costs
- Product recall
In addition, Beazley’s mid-market offering includes: medical device manufacturers, contract research organisations, biotechnology & biologics, pharmaceuticals, nutraceuticals (including cosmetics and skincare), prescription & over the counter injectables/ topicals and oral drugs, veterinary drugs and pharmaceutical support services, clinical trials, vaccines and testing laboratories.
New extensions have also been added to the mid-market cover including product recall costs triggered by a recall by the policyholder or an official governmental authority; barcode rectification costs; and research and development restoration costs. Beazley’s life sciences offering also covers PPE.
Kirsten Shastri, international healthcare underwriter and lead underwriter who set up the life sciences offering for the UK & Lloyd’s international business, said: “Our launch comes at a time when research clinics and laboratories face intense pressure to increase testing for Covid-19 and to find a vaccine or other means to curtail the spread and impact of this deadly virus.
“The development of this cover has been achieved by close co-operation between Beazley’s specialist life sciences underwriters globally and healthcare claims team and by listening to brokers and clients in respect of the continuing metamorphosis and product innovation. This has helped us to provide a bespoke offering for an ever-changing risk landscape.”
Katie Caris-Harris, healthcare underwriter for UK private enterprise at Beazley, said: “SMEs and start-ups are driving innovation in research and development at this critical time for public health globally. Our launch of life sciences insurance for small businesses aims to provide those firms with the risk protection they need to continue to grow and innovate, which they may have struggled to obtain in the past.”
Evan Smith, global head of miscellaneous medical & life sciences at Beazley, commented: “The successful launch of our life sciences cover for larger firms and growing appetite for our offering globally has demonstrated the need within this exciting market for insurance cover that can grow and flex with the changing needs of clients.”