Beazley, a London-based insurance major has added a new service under its life sciences insurance offerings, media reports said. The new service is targeted at the UK’s small and startup R&D focused companies. It is reported that the new service will help companies to remain protected against mishaps.
The new insurance for small businesses is worth $6.3 million and it is specifically for clinical trials, diagnostic and testing laboratories and medical devices. Furthermore, the insurance covers international risks up to $32 million.
Kirsten Shastri, international healthcare underwriter and lead underwriter who set up the life sciences offering for the UK & Lloyd’s international business, told the media, “Our launch comes at a time when research clinics and laboratories face intense pressure to increase testing for Covid-19 and to find a vaccine or other means to curtail the spread and impact of this deadly virus. The development of this cover has been achieved by close cooperation between Beazley’s specialist life sciences underwriters globally and healthcare claims team and by listening to brokers and clients in respect of the continuing metamorphosis and product innovation. This has helped us to provide a bespoke offering for an ever-changing risk landscape.”
The new life sciences insurance extends to product liability, professional indemnity, public liability and clinical trials. However, no-fault compensation and legal liability, medical malpractice and claims will be included in the coverage.
Beazley’s market offerings include pharmaceuticals, nutraceuticals, biotechnology and biologics among others.