Insurance Program Results
Change Up for Life Sciences
The life sciences market will swell with new programs as carriers still swirl around accounts abandoned by AIG. Market leaders such as XL and ACE will likely remain focused on sweeping up accounts dropped by AIG when it exited the segment last year. Adding to the competition will be new programs from Medmarc and Markel. While Markel’s product won’t directly impact the U.S. market — it’s written through Markel UK — it will see strong growth as the life sciences sector generates about £50 billion of turnover on an annual basis. Medmarc will join The Hartford in specifically writing E&O coverage for the U.S. life sciences segment, following the February launch of its new product. The coverage targets manufacturers, distributors and suppliers of medical technology and pharmaceutical products, and will cover third-party financial losses. (3-3-2014)
NutraGuard
Administered By: Beazley
Distribution: Direct/Broker
| Industries: |
Distribution Risks, Life Sciences, Manufacturers/Manufacturing Risks |
|---|
Carriers: Beazley Insurance Co. Inc.
Coverage: Employee Benefits Liability, Errors & Omissions (E&O), General Liability, Hired & Non-Owned Auto, Medical Expenses, Privacy Liability/Notification Expense, Products & Complete Operations Liability, Products Liability, Professional Liability, Umbrella/Excess
Limits: up to $25 million
NDBI Pharma IQ
Administered By: Marsh U.S.
Distribution: Program Administrator
| Industries: |
Life Sciences, Pharmaceutical Risks |
|---|
Carriers: Munich Reinsurance America Inc.
Coverage: Business Income/Extra Expense, Business Interruption
Limits: up to $10 million
BioSurance R&D
Administered By: CFC Underwriting
Distribution: MGA
| Industries: |
Directors & Officers (D&O), Life Sciences, Pharmaceutical Risks |
|---|
Carriers: Lloyd's of London
Coverage: Business Interruption, Directors & Officers (D&O), Employment Practices Liability (EPL), Environmental/Pollution Liability, Errors & Omissions (E&O), Products Liability, Property
Limits: up to $10 million (A range of reinstatement options are available. Deductibles start from $1,000 and premiums start from $1,000. )
Custom Accounts & Asset Protections Solutions
Administered By: Ironshore
Distribution: Direct/Broker
| Industries: |
Accountable Care Organizations (ACOs), Assisted Living Facilities, Health Maintenance Organization (HMO), Healthcare Systems, Hospitals, Life Sciences, Long-Term Care Facilities (LTC), Managed Care Organizations, Nursing Homes/Skilled Nursing Facilities, Physicians, Research/Research Organizations (Clinical, Etc.) |
|---|
Carriers: Ironshore Inc.
Coverage: Excess, General Liability, Professional Liability, Umbrella/Excess
Limits:
life Sciences
Administered By: CFC Underwriting
Distribution: MGA
| Industries: |
Life Sciences |
|---|
Carriers: Lloyd's of London
Coverage: Breach of Duty, Business Interruption, Contractual Liability, Third-Party Liability
Limits: Call for - Limits
Life Sciences Product-Complete Operations & PL Coverage
Administered By: Ironshore
Distribution: Direct/Broker
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: Ironshore Inc.
Coverage: Products Liability, Professional Liability
Limits: up to $15,000,000 (Limit Capacity)
Life Sciences Product & General Liability
Administered By: Ironshore
Distribution: Direct/Broker
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: Ironshore Inc.
Coverage: Excess, General Liability, Products Liability, Umbrella/Excess
Limits: up to $15,000,000
Casualty for Life Sciences Companies
Administered By: XL Insurance (Bermuda)
Distribution: Carrier Direct
| Industries: |
Biotech, Cosmetic Surgeons/Aesthetic Professionals, Life Sciences, Medical Devices, Pharmaceutical Risks, Veterinarians/Veterinary Risks |
|---|
Carriers: XL Insurance Co.
Coverage: Errors & Omissions (E&O), Excess, General Liability, Products Liability, Umbrella/Excess
Limits: up to $50 million
Life Sciences
Administered By: James River Insurance Co.
Distribution: MGA
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: James River Insurance Co.
Coverage: Excess, General Liability, Products & Complete Operations Liability, Professional Liability
Limits: up to $10 Million (Primary or Excess Limits Available)
ACE Westchester Professional Risk Life Sciences
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Biotech, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: Ace Westchester
Coverage: Boiler & Machinery, Commercial Auto, Crime, Inland Marine, Products & Complete Operations Liability, Property, Umbrella/Excess, Workers' Compensation
Limits: up to $5 million (Contact Research Organizations and Site Management Organizations - E&O, Products liability, medical professional liability ), up to $35 million (Foreign Clinical trials - Combined Limits), up to $15 million (Domestic Human Clinical Trials), up to $10 million (Sold Products - Biotech companies; pharmaceuticals with less than $500 million in sales), up to $10 million (Nonimplantable medical devices)
Errors & Omissions Liability
Administered By: Medmarc Insurance Group
Distribution: Direct/Broker
| Industries: |
Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: Medmarc Casualty Insurance Co.
Coverage: Errors & Omissions (E&O), Excess, Umbrella/Excess
Limits: up to $2 million
Foreign Clinical Trial Coverage
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Clinical Trials, Life Sciences |
|---|
Carriers: ACE Group
Coverage: Errors & Omissions (E&O), Excess, Umbrella/Excess
Limits: up to $35 million (Risk Transfer: combined limits)
Information Technology Solutions Complete
Administered By: OneBeacon Insurance Group
Distribution: Carrier Direct
| Industries: |
Life Sciences, Manufacturers (Hardware), Technology Risks, Telecommunication Services |
|---|
Carriers: OneBeacon Insurance Co.
Coverage: Cyber Liability, Errors & Omissions (E&O), Media Liability, Professional Liability
Limits: up to $10 million
Life Science & Tech Elite
Administered By: B and B Programs
Distribution: Program Administrator
| Industries: |
Life Sciences, Workers Compensation |
|---|
Carriers: Nova Casualty
Coverage: Employment Practices Liability (EPL), Excess, Products Liability, Umbrella/Excess, Workers' Compensation
Limits: up to and over - $25 Million (Property coverage), up to - $10 Million (Excess limits "We can place coverage as high as a client would like to pay".), up to - $1 Million (Primary limits)
Life Sciences
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: ACE Group
Coverage: Excess, Products Liability, Professional Liability, Umbrella/Excess
Limits: up to $10,000,000 aggregate (Sold Products for biotech companies of any size and specialty pharmaceuticals with less than $500 million in sales), up to $10,000,000 (Sold Products for non-implantable medical devices), up to $15,000,000 (Human clinical trials for biologics, pharmaceuticals, non-implantable medical device), up to $10,000,000 (Products Liability, E&O, and Medical PL for Contract Research Organizations & Site Management Organizations)
Life Sciences
Administered By: AIG
Distribution: Direct/Broker
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: AIG, Lexington Insurance Co.
Coverage: Excess, General Liability, Products Liability, Umbrella/Excess
Limits: up to $10,000,000 (Nutraceutical Manufacturers & Distributors), up to $25,000,000 (Medical Device Manufacturers & Distributors), up to $15,000,000 (Patented & Generic Pharmaceuticals)
Life Sciences
Administered By: CNA
Distribution: Carrier Direct
| Industries: |
Biotech, Clinical Trials, Distribution Risks, Life Sciences, Medical Devices, Research/Research Organizations (Clinical, Etc.) |
|---|
Carriers: CNA Insurance Cos
Coverage: Commercial Auto, Commercial Property, General Liability, Products Liability, Professional Liability, Umbrella/Excess, Workers' Compensation
Limits: up to $10 million
Life Sciences Package
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Life Sciences |
|---|
Carriers: ACE Group
Coverage: Commercial Auto, Crime, Equipment Breakdown, Errors & Omissions (E&O), Excess, General Liability, Inland Marine, Property, Spoilage, Umbrella/Excess
Limits:
Life Sciences Package
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
|---|
Carriers: ACE USA
Coverage: Commercial Auto, Commercial Property, Crime, Employment Practices Liability (EPL), Equipment Breakdown, Excess, General Liability, Inland Marine, Umbrella/Excess, Workers' Compensation
Limits:
Life Sciences Products-Work Hazard
Administered By: CNA
Distribution: Carrier Direct
| Industries: |
Life Sciences |
|---|
Carriers: CNA Insurance Cos
Coverage: Products Liability
Limits: up to $10 million