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Life Sciences Insurance

If you’re in the fast-paced and highly innovative life sciences industry, your business will require an insurance provider that can keep up. With our specially tailored products, expertise in underwriting and claims handling, and client-centric service, you can expect effective protection whether you run a pharmaceutical corporation or medical device company.

Broadened Cover

To keep pace with the highly agile and fast moving Life Sciences industry, we have broadened the cover available under our Life Sciences policy. 

For new business submissions the cover is available now and for renewals, the cover is effective from 1 April 2018. 

The following excluded classes of products have been removed and are now covered under our policy:

  • Fibrate Products
  • HMG CoA reductase inhibitor products 
  • Hydroxyquinoline derivative products

The following excluded products have been removed and are now covered under our policy:

  • Botulinium toxin
  • Bupropion
  • Clopidogrel
  • Orlistat
  • Remoxipride
  • Varenicline
Gadolinium Contrast Agents has been added to the policy as an excluded product.

Product Highlights

What it Covers

For more than 20 years, Chubb has been one of the top providers of insurance protection to the life sciences industry, worldwide. In fact, we have a unit focused exclusively on it – one that continues to break through traditional boundaries with sophisticated insurance solutions that respond to its growing needs.

We offer enterprise-wide solutions that are precisely crafted for life sciences companies, with specialised products for general liability, products and human clinical trials liability as well as errors and omissions. They are:

General Liability Policy

This hybrid product offers a dual trigger – an occurrence trigger for premises/operations and a claims-made trigger for products hazard liability. Traditional stand-alone policies are also available.

Errors and Omissions Insurance

This product helps to protect businesses from lawsuits that allege financial losses due to the failure of products or services to perform to specifications. It can be customised to respond to losses resulting from the need to stop using a product due to the risk of future bodily injury or property damage.

Chubb's multinational infrastructure delivers these insurance solutions on a global basis with a coordinated approach and dependable quality. 

Market Specialisation

We provide coverage for the following companies:

Pharmaceutical Companies

Coverage is available for manufacturers of prescription and over-the-counter drugs and dietary supplements. We’ll also consider providing cover for manufacturers of veterinary products, although, to be considered, the veterinary products must be manufactured for the purpose of treating a disease.

Medical Device Companies

Coverage is available for manufacturers of medical devices and laboratory equipment used in the research and development of new drugs and medical devices.

Drug Discovery Companies

Coverage is available under this category for companies such as biotech R&D companies developing new therapies based on genomics or proteomics and other studies of disease at the molecular level.

Coverage is also available for Bioinformatics companies in the following category:

Contract Research Organisations

Coverage is available for companies in the business of providing support services to pharmaceutical, medical device, or drug discovery companies on a fee-for-service basis.

These support service activities can include contract research, laboratory work, clinical work (relating to human clinical trials), product design or development reviews.

Contract Manufacturing Organisations

Coverage is available for companies that provide manufacturing, packaging or labelling services to pharmaceutical and medical device companies on a fee-for-service basis.

Human Clinical Trials

Coverage for human clinical trials is an actively pursued class of business by Chubb Insurance. We can consider stand-alone coverage for all human clinical trials conducted by commercial sponsors and, subject to underwriting criteria being met, certain academic or investigator-initiated human clinical trials.

Interested in this Chubb policy?

Have a question or need more information? Contact us to find out how we can help you get covered against potential risks