Insurance is a small part of the global clinical trial process – but it can have a big impact on life sciences companies. Delays in securing accurate and compliant trial insurance documentation can postpone ethics committee approval and the start of a trial. Seeking and securing compulsory insurance coverage early and working with partners who are capable to support you through the successful completion of your clinical trial are part of the criteria Kessler uses to choose the right partner for a clinical study.
Medical and biotechnology research development continues at a fast pace with the overall aim of bringing life-changing products to market as efficiently as possible. We help you saving time in the development race. At the same time, you can count with Chubb and Kessler on two reliable and dedicated insurance partners to the life sciences industry.
Chubb is an important partner, as they are able to support you from phase 1 to 3 and prepared to accompany your journey once your clinical trial has succeeded by also providing insurance coverage for products liability. They are able to support you around the world - from clinical trials insurance in Israel to products liability insurance in Japan - and help you to stay informed about political and economic developments in the insurance market.
With the development of the Chubb WORLDcert, an interactive clinical trial insurance and certificate management system, Chubb has an advantage toward its competitors. This first solution in the marketplace to automate the entire process, Chubb WORLDcert assures your life science or clinical research organization of accurate documentation and helps put you in control of the insurance management process.
With WORLDcert certificates are provided within 24 hours for a selected group of territories and within 5 working days for all other territories. Kessler secures with its clinical trial desk the 4 eyes check to assure the delivery of correct certificates and insurance cover. Chubb and Kessler together will make sure the timely transmission of insurance documentation requested by ethics committees.
During the clinical trial you may need a modified version of the insurance documentation for various reasons such as increase of patient number, newly added study sites or principal investigator changes. Relying on Chubb’s WORLDcert gives all stakeholders the security that the reissuing of the certificate is made within 24 hours. Contact us early with the outline of your documents, so we are able to set up accurate insurance cover to satisfy the ethic committees requirements.
Part 2 (next newsletter): Going abroad - the challenges in a multinational environment
The complex international landscape in insurance needs a strong partner with a wide international reach. Without an experienced team, providing insurance coverage and satisfying the needs of the local ethics committees can be challenging. Avoiding a chain reaction affecting the whole process is key.
Chubb & Kessler’s support to Bioalps
Kessler is the leading risk and insurance management specialist/consultant. It's Life Sciences Team cooperates closely with Chubb as one of the leading risk solution providers of this sector, particularly in liability and property insurance. Working together, both teams resolve the complex challenges in risk management in the life sciences sector and provide the industry with innovative and efficient solutions.
Chubb is the world's largest publicly traded property and casualty insurance company. With own operations in 54 countries and territories and partners in more than 146 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. Chubb operates since 2003 in Switzerland. In 2008 the holding seat of Chubb Limited relocated to Zurich.
Chubb Insurance (Switzerland) Ltd, a subsidiary of Chubb Limited, currently employs 75 people, worldwide there are more than 33’000 employees. Chubb Insurance (Switzerland) Ltd is domiciled in Zurich and has an AA rating from Standard & Poor’s. Tailor-made solutions in property, liability, transport, cyber and environmental insurance, financial lines and personal and accident insurance cover the needs of companies and organizations of all size.
Kessler is the leading Swiss enterprise specializing in comprehensive risk, insurance and pension benefits. Founded in 1915, Kessler has 300 employees working at its headquarters in Zurich and its other sites in Basel, Bern, Geneva, Lausanne, Lucerne, Neuchâtel, St. Gallen and Vaduz. We advise over 1,000 medium-sized and large Swiss companies from the service, trading and manufacturing industries, as well as the public sector.
We work closely with you to develop the principles of your risk and insurance policy, and on this basis develop tailored solutions for risk, insurance and pension benefits. We provide these services across all risk practices and associated insurance lines for companies in all sectors. You also benefit from legal advice on all insurance-related issues.
Life Science businesses operate in an evolving, complex and highly regulated industry where the cause of a future claim could be occurring right now but the company may not be aware of this for months or even years.
As a company expands, policies can adapt with flexible covers tailored to its needs and relevant to the risks faced. The diagram highlights some of the key covers that we offer at various stages of a company’s development process.