The Beazley BioSecure policy provides insurance protection against a wide range of exposures in the life sciences sector, including pharma, biotech and medical devices.
PRODUCT: Beazley BioSecure
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available on a non-admitted basis through appointed broker partners.
The biotech industry is constantly evolving with rapid advances in technology, genetics, neuroscience and bioengineering. This expansion is leading to more personalized medicine, new therapies and innovative solutions, such as regenerative medicine and 3D printed artificial organs. With these advances come increased exposures.
“Beazley BioSecure builds on Beazley’s knowledge and experience gained through underwriting life sciences risks and managing claims for middle to large-sized clients for more than a decade,” says Kathryn Janofsky, head of U.S. private enterprise, Beazley. “This policy is aimed at smaller, private companies and organizations and complements the Beazley Healthcare Biosecure product, which is already available for larger businesses and provides capacity up to $25 million.”
COVERAGE DETAILS: The Beazley BioSecure policy provides insurance protection against a wide range of exposures in the life sciences sector, including specialists in pharma, biotech and medical devices. This policy responds to the needs of private companies, which tend to be smaller and have different risks than the larger, publicly held companies in these sectors.
“Coverage is highly specialized and includes products and completed operations, health care professional services, clinical trial medical expenses, clinical research errors & omissions, general liability, and clinical trial medical monitoring expenses,” Janofsky says.
The BioSecure policy is tailored to businesses in three main categories:
- Research and development labs: These can be service providers or institutes performing data analysis.
- Medical devices: Anything from a tongue depressor to a defibrillator, surgical equipment and supplies, contact lenses, continuous positive airway pressure machines, implantable cardio defibrillators, dental equipment, implants and hospital beds.
- Service providers: These are firms who partner, collaborate and consult with life sciences companies; known as contract research organizations, site management organizations and contract manufacturing organizations.
UNDERWRITING: Due to the claims severity nature of life sciences products, coverage is written on a claims-made, defense-within-limits basis.
MINIMUM PREMIUM: $2,500
TARGET: The policy is specifically designed for privately held companies in the life sciences sector, which includes pharma, biotech and medical devices, that are domiciled in the United States.
COVERAGE AVAILABILITY: Worldwide
COVERAGE TERRITORY: Worldwide
CONTACT: Kathryn Janofsky, head of U.S. private enterprise, Beazley; Plantation Place South, 60 Great Tower St, Billingsgate, London EC3R 5AD, United Kingdom.
Will Jones is IA managing editor.