Life Sciences Insurance

Interest in health and nutrition-related products is on the rise, making nutraceuticals an exciting and emerging industry. But just like any company that manufactures or distributes products, nutraceutical companies are exposed to a range of risks, from products causing bodily injury to products being recalled for various reasons.

The manufacture and sale of medical devices is a huge responsibility with companies facing a complex set of risks such as injury to a user due to defective design or mislabelling of the product, or perhaps the potential for patent litigation.

Why you need life sciences insurance

Life science organisations face a variety of exposures throughout the lifecycle of their business, from research and development, to trials, to the manufacture and sale of their products.

These include developing their own drug or technology, selling a product to be used in R&D or providing a service to companies requiring assistance in the development of their product.

What does life sciences insurance cover?

We have access to bespoke policies that offer tailored cover for the complex risks faced by organisations who import, develop or manufacture devices, drugs or supplements, including the following areas.

Research and development

Drug development
Medical device development
Consultants
Contract research
Clinical research
Pre-clinical testing services
Analytical testing services
Clinical trials
Contract manufacturers
Site management
Placement of scientists as contractors
Software application used for scientific research
Placement of scientists as contractors

Import, manufacture or distribution of medical devices

Most products, both invasive and non-invasive, other than mesh, cosmetic devices, contraceptives or products used for reproductive use
Orthopaedic implants other than hips
Infusion devices
Cochlear implants
Hypobaric chambers
Contract Manufacturing Organisations
Companies renting, servicing or maintaining medical equipment

Dietary supplements, cosmeceuticals, vitamins, supplements, sports nutrition and related consumable products

Nutraceuticals
Cosmeceuticals
Herbs and botanicals
Sports nutrition
Supplements
Vitamins and minerals
Energy drinks
Homeopathic products
Personal care products
Pre-workout formulas
Related clothing and accessories
Weight loss and weight gain products

Features of our life sciences insurance

Spoilage of perishable stock cover

Environmental conditions can cause unexpected damage to stock. Policies can cover remanufacturing the stock in the event of damage as well as subsequent business interruption for lost R&D expenditure and contractually committed costs.

Transit of stock

During development, stock may frequently be moved between an insureds site and that of its supply chain partners. We can arrange cover for stock at fixed locations and whilst in transit for both material damage and business interruption.

Business interruption

We can arrange flexible first loss cover, which means our policy responds to the first insurable interruption up to the full limit, so you only have to purchase one limit.

Financial loss

We can arrange cover for costs associated with an unintentional breach of contract, or an accidental or negligent act or omission from the providing of services.

Patent defence

A patent defence extension can cover the costs associated with defending your position.

Products liability

Protection includes cover for accidental bodily injury and property damage arising out of any material, finished drug product, laboratory consumable or equipment used for research purposes.

Bodily injury and property damage

Non-product or service-related bodily Injury and property damage is key to any business. Cover can protect you against legal expenses and compensation claims made by third parties.

Clinical trials

Clinical trials are one of the most important phases in R&D. Should a research subject be injured, our policy will compensate them on a no-fault compensation basis per local statutory guidelines.

Cyber and privacy

Policy coverage includes protection against damages following an unintentional breach of confidential information, including costs incurred should you unintentionally reveal personal data or suffer a first party financial loss should systems be compromised.

Product recall

The safety of products is central to the long-term success of any business, but products can be unintentionally compromised. We can organise cover for product recall costs arising from safety critical errors made during production, or where a government authority has ordered or suggests a product be recalled from market.

Malicious product tampering and extortion

Cover for recall costs following malicious tampering or alteration by an employee that has or is expected to cause a bodily injury, as well as bodily injury that may result from a cyber-attack. Cover is also provided for the reasonable sums you may incur as a result of product extortion demands made as part of a threat to tamper with your products, wherever they are in the supply chain.

Global life sciences cover

Worldwide jurisdiction available and commonly as standard.

Additional coverage enhancements available

Intellectual property
Directors and officers
Legal expenses
Additional insureds for landlords / managers / lessors of premises / lessor of leased equipment
Vendors’ waiver of subrogation
Vendors as additional insureds
Trade show organisations as additional insureds
Primary non-contributory language with respect to additional insureds
Professional services extension for named services
Costs in addition

Get a life sciences insurance quote

Premiums start from just £275, so talk to us today.