Insurance Program Results

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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

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.)

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

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

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

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

Medical Device Companies

Administered By: CFC Underwriting

Distribution: MGA

Industries:

Medical Devices

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

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)

Life Sciences

Administered By: Kinsale Insurance

Distribution: Carrier Direct

Industries:

Biotech, Medical Devices, Pharmaceutical Risks

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

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

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

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:

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:

MedFirst®

Administered By: Travelers Indemnity Co.

Distribution: Carrier Direct

Industries:

Biotech, Medical Devices

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

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

Carriers: Medmarc Casualty Insurance Co.

Coverage: Excess, Products & Complete Operations Liability, Products Liability, Umbrella/Excess

Limits: $1 million - $10 million