Life Science Liability
Defend your innovations with Life Science Liability Insurance - comprehensive coverage for biotech and pharmaceutical risks.
Life Sciences businesses, including pharmaceuticals, biotechnology, medical device manufacturers, and research institutions, operate in a highly regulated and rapidly changing environment, facing unique challenges and intricate regulatory demands. Life Sciences Liability insurance has been tailored to safeguard you at every phase of your development and operations providing essential protection in the following areas:
Product Liability: Coverage for claims arising from the manufacturing, distribution, or sale of products, including pharmaceuticals, medical devices, and biotechnological products.
Clinical Trials Liability: Protection for liability associated with conducting clinical trials, ensuring you are covered while advancing medical research.
Professional Liability: Coverage for claims related to errors, omissions, or negligence in providing professional services, such as medical advice or research.
Regulatory and Legal Compliance: Assistance with the costs of regulatory investigations and legal defence in cases of non-compliance with industry regulations.
Product Recall and Contamination: Coverage for expenses related to the recall of defective or contaminated products, safeguarding your reputation and financial stability.
Intellectual Property Infringement: Protection against claims of intellectual property infringement related to patents, trademarks, or copyrights in the Life Sciences field.
Data Breach and Cyber Liability: Coverage for expenses associated with data breaches and cyberattacks, safeguarding sensitive research and patient data.
Intuitive Insurance Solutions is the right partner to deliver a superior outcome on your Life Science Liability insurance placement. Here are a few reasons why:
Expert Advice
We work for you, not the insurer. Our expert team are dedicated to tailoring insurance programs to your unique needs and negotiating the best possible outcomes on your behalf.
Transparency
We firmly believe in full transparency when it comes to remuneration. We understand that trust is built on open and honest communication. That's why we are committed to providing visibility in all aspects of compensation. With us, you'll always know where you stand, ensuring a relationship founded on trust and fairness.
Market Access
With access to policies from more than 150 national and international insurers, you can feel confident we can deliver the cover you need.
Claims Advocacy
We take care of the process, helping you achieve the best possible outcome by working closely with you and the insurance company throughout. We keep you informed every step of the way.
Insurance is what we do, but what do we do for you?
Understanding our clients and their needs is critical to our success. By taking the time to understand your business and objectives we can save you time, money and provide greater certainty on what your insurance program covers. We aim to make your life easier by delivering truly intuitive insurance solutions.
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What is a claims-made policy and how does it differ from an occurrence-based policy?A claims-made policy covers claims that are made (or reported) to the insurer during the policy period or an extended reporting period. The key factor is when the claim is reported, not when the incident occurred. On the other hand, an occurrence-based policy covers claims that arise from incidents or events that occur during the policy period, regardless of when the claim is reported. The key factor in this case is when the incident took place and not when it is reported.
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What is a retroactive date?A retroactive date is applied to claims-made policies and defines how far back in time a breach of professional duty can occur for your policy to respond. As an example, consider that a professional purchases a PI policy on January 1, 2023, and a retroactive date of Inception is applied (i.e., January 1, 2023). This means that the insurance policy will cover claims or legal actions arising out of professional services provided on or after January 1, 2023.
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What is meant by costs inclusive versus costs exclusive (limit/excess)Where a limit of liability is described as costs inclusive, this means the limit afforded includes both the indemnity (the compensation amount paid to a claimant) as well as the costs and expenses incurred in defending the claim. Conversely, a costs exclusive limit of liability applies to the amount paid to the injured party only (indemnification), and costs and expenses are paid in addition by the insurance company (often capped). A “costs inclusive excess” (or deductible) means that the excess amount applies to the total costs associated with a claim, including legal expenses, damages, and other related costs. In this case, the policyholder is responsible for covering these costs up to the excess amount, and the insurance company will start paying once the costs exceed the excess. Under a “costs exclusive excess”, the deductible or excess amount only applies to the indemnity portion of a claim. Legal defence costs are typically covered separately, and the policyholder doesn't need to pay the excess for these costs. Instead, they are covered by the insurance company from the outset.
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What is contractual liability and why is it important?Contractual liability in professional indemnity insurance refers to the responsibility that professionals might take on through contracts with their clients. This includes how this liability is covered in a professional indemnity insurance policy. Professionals often sign contracts with their clients when they provide services. These contracts spell out the professional's duties, the work's scope, deadlines, and even clauses about protection. When professionals buy professional indemnity insurance, it can cover them for contractual liabilities, as long as these liabilities come from events listed in the insurance policy. This coverage can be broad or limited to professional mistakes or negligence. It's crucial to understand the terms and conditions of your insurance policy. Some policies might not cover certain types of contract-related liabilities. If a client or someone else sues the professional, claiming a contract breach or professional error, the professional indemnity insurance policy comes into play. The insurance company will typically investigate the claim and, if it's valid, provide coverage for legal expenses. If necessary, it can also cover any settlements or damages awarded.
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What are territorial and jurisdictional limits and how are they different?Territorial limits define the geographical area or region where the insurance policy provides coverage for work performed. This means the insurance policy specifies the locations or countries within or from which services can be supplied. Jurisdictional limits relate to geographical area or regions the policy will respond to claims brought within the court system. This means the insurance policy specifies the locations or countries within which legal action can be heard. In summary, territorial and jurisdictional limits relate to the physical locations or regions where the insurance coverage is valid, and you should ensure these extend to all locations where you carry out work or clients are based.
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What is the difference between a limit reinstatement and aggregate limit:On face value, a limit of indemnity with 1 reinstatement and a limit of indemnity with an aggregate of double the limit may seem the same, but they work differently. Reinstatement: If you have a policy with a reinstatement, the insurer restores the full limit of indemnity after a claim, even if it's partially used. The limit will only be reinstated the number of times specified on the policy. Aggregate Limit: With an aggregate limit, your coverage is reduced by the actual claims made. It provides unlimited reinstatements it is fully exhausted, providing more certainty of the level of coverage afforded.
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Can an additional insured be added to the policy?In many cases, it is necessary to include an additional insured on your insurance policy, thereby extending liability coverage to this party. Such requests frequently originate from parties with a vested interest in your operations, including contract manufacturers, subcontractors, vendors, and other partners within your supply chain. This practice is common in business relationships where one party seeks protection from the potential liabilities of the other party.
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What are the implications for adding an additional insured party?Adding an additional insured party to an insurance policy carries certain implications that are important to understand. An additional insured typically enjoys similar rights and responsibilities as the primary policyholder. This means that they can often file a claim directly against the policy and have access to the policy's coverage limit. However, it's crucial to note that if a claim is made against both the primary insured and an additional insured, it can deplete the liability limit more rapidly, potentially leaving the primary policyholder with insufficient protection.
