Zurich North America unveils new cover for life sciences
Zurich North America unveils new cover for life sciences | Insurance Business America
Insurance News
Zurich North America unveils new cover for life sciences
Applications now being accepted
Insurance News
By
Terry Gangcuangco
Zurich North America has introduced a primary products liability policy designed to meet the specific needs of pharmaceutical, medtech, research and development (R&D), and other life sciences companies with revenues up to $1 billion.
US middle market head Alex Wells (pictured) noted: “Life Sciences companies navigate complex and unique risks as they create cutting-edge products and services in the healthcare market.
“Our new primary products liability offering is an essential, customizable coverage that can help support life sciences companies’ efforts to innovate and enhance quality of life for people. This solution is backed by Zurich’s financial strength, ability to grow with these companies, and our global footprint, which is key for many of these companies with operations overseas.”
The life sciences sector includes businesses developing, manufacturing, marketing, or distributing products or services aimed at preventing, diagnosing, and treating illnesses and diseases.
The primary products liability coverage can provide up to $10 million in capacity for qualified clients and is primarily targeted at R&D (both pre-clinical and clinical stages), pharmaceutical and biologics, medtech and medical devices, contract manufacturing organizations, contract research organizations, and wholesale and distribution companies.
Zurich’s specialized life sciences underwriters will handle the new policy, ensuring it addresses specific-industry challenges such as unique exposures, program structures, and regulatory compliance issues.
This spans four main areas: products-completed operations liability, errors and omissions, professional services liability, and clinical trials. Additionally, companies can choose from flexible options including worldwide coverage, automatic additional insureds, and extended reporting periods for particular exposures.
Linda Schultz, head of life sciences for US middle market at Zurich North America, highlighted: “Life sciences is a growing sector of the economy, and we are excited to offer a primary products liability coverage that can be customized to a wide range of risks.
“This offering is backed by the advanced knowledge and experience of our dedicated life sciences underwriting team as well as risk engineering and claims specialists, allowing brokers who work with us to be confident in our ability to appropriately structure whole-account solutions and service these clients’ needs.”
Zurich’s existing life sciences offerings include property, general liability (premises/operations), auto, workers’ compensation, umbrella, excess product liability, international, and marine. Meanwhile applications for the new primary products liability coverage are now being accepted for policies effective from July 15.
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