Insurance Program Results
Medical Device Coverage, Capacity Grows
Crittenden expects carriers to expand their collective risk appetite, as well as coverage, in a push to grow premium volume in the medical device segment. CNA, ACE, Ironshore, OneBeacon and Medmarc recently modified products to accommodate coverage needs beyond basic product liability. Look for W.R. Berkley, Travelers, Chubb, AIG, Kinsale and James River to consider additional coverages and endorsements. It’s unlikely many new markets will enter this life science segment; it is rife with high claims severity and frequency while competition remains fierce. Some carriers will still reduce pricing for good business while aggressively pushing for new business. While rates have been generally stable, a recent uptick in multi-district litigation and class-action lawsuits against invasive and implantable products could bring about increases. (9/15/14)
Medical Devices
Administered By: PPIB
Distribution: MGU
Industries: |
Medical Devices |
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Carriers: Lloyd's of London
Coverage: General Liability, Products Liability
Limits:
Products Liability
Administered By: PPIB
Distribution: MGU
Industries: |
Distribution Risks, Manufacturers/Manufacturing Risks, Medical Devices, Research/Research Organizations (Clinical, Etc.) |
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Carriers: Lloyd's of London
Coverage: Products Liability
Limits:
Medical Equipment Products
Administered By: Hanover Insurance Group
Distribution: Carrier Direct
Industries: |
Home Medical Equipment, Medical Devices |
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Carriers: Hanover Insurance Group Inc.
Coverage: Commercial Auto, Employee Benefits Liability, Excess, General Liability, Professional Liability, Property, Umbrella/Excess, Workers' Compensation
Limits:
BioSurance MD
Administered By: CFC Underwriting
Distribution: MGA
Industries: |
Medical Devices |
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Carriers: Lloyd's of London
Coverage: Business Interruption, Errors & Omissions (E&O), Excess, Products Liability, Property, Third-Party Liability, Umbrella/Excess
Limits: up to $5 million (A range of reinstatement options are available. Deductibles start from $1,000 and premiums begin at $1,000. )
Life Sciences Product-Complete Operations & PL Coverage
Administered By: Ironshore
Distribution: Direct/Broker
Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
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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 |
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Carriers: Ironshore Inc.
Coverage: Excess, General Liability, Products Liability, Umbrella/Excess
Limits: up to $15,000,000
Medical Device Companies
Administered By: CFC Underwriting
Distribution: MGA
Industries: |
Medical Devices |
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Carriers: Lloyd's of London
Coverage: Accidental Contamination, Business Interruption, Cyber Liability, Data Security, Equipment Breakdown, Legal Liability, Product Recall, Professional Liability
Limits: Call for - Limits
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 |
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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 |
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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)
Life Sciences
Administered By: Kinsale Insurance
Distribution: Carrier Direct
Industries: |
Biotech, Medical Devices, Pharmaceutical Risks |
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Carriers: Kinsale Insurance Co.
Coverage: Employee Benefits Liability, General Liability, Non Owned Auto, Products & Complete Operations Liability, Professional Liability
Limits: up to $5 million (Primary or Excess), up to $5 million (Follow-form excess on both a supported and unsupported basis)
Outpatient Allied
Administered By: Pro-Praxis Insurance
Distribution: MGU
Industries: |
Allied Health, Community Health Centers, Dialysis Centers, Emergency Response Services (Ambulance), Home Healthcare, Imaging Centers/Diagnostic Labs (X-Ray, MRI, etc.), Medical Clinics/Infirmaries, Medical Devices, Medical Labs, Nurse/Staffing Registries, Pharmacies, Rehabilitation Facilities, Substance Abuse Rehabilitation Facilities & Services, Urgent Care, Weight Loss Clinics |
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Carriers: Lloyd's of London
Coverage: Abuse & Molestation Liability, Excess, Hired & Non-Owned Auto, Professional Liability, Umbrella/Excess
Limits: up to $1 million (Hired & Non-Owned Auto), up to $10 Million, up to $1 million (Sexual Misconduct Liability)
ACE Westchester Professional Risk Life Sciences
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
Industries: |
Biotech, Life Sciences, Medical Devices, Pharmaceutical Risks |
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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 |
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Carriers: Medmarc Casualty Insurance Co.
Coverage: Errors & Omissions (E&O), Excess, Umbrella/Excess
Limits: up to $2 million
Life Sciences
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
Industries: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
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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 |
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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.) |
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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: |
Biotech, Clinical Trials, Life Sciences, Medical Devices, Pharmaceutical Risks |
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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:
MedFirst®
Administered By: Travelers Indemnity Co.
Distribution: Carrier Direct
Industries: |
Biotech, Medical Devices |
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Carriers: Travelers Cos.
Coverage: Cyber Liability, Errors & Omissions (E&O), Products & Complete Operations Liability
Limits:
Product Recall
Administered By: Liberty Intl Underwriters
Distribution: Carrier Direct
Industries: |
Distribution Risks, Food & Beverage Manufacturers, Manufacturers/Manufacturing Risks, Medical Devices, Pharmaceutical Risks |
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Carriers: Liberty International Underwriters
Coverage: Products Liability
Limits: up to $15 million
Products Liability
Administered By: Medmarc Insurance Group
Distribution: Direct/Broker
Industries: |
Biotech, Life Sciences, Medical Devices, Pharmaceutical Risks |
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Carriers: Medmarc Casualty Insurance Co.
Coverage: Excess, Products & Complete Operations Liability, Products Liability, Umbrella/Excess
Limits: $1 million - $10 million