Chubb’s life sciences property and casualty policies are specifically designed for companies operating in all areas of medical technology research, development or manufacture, irrespective of their size, phase of commercialisation or location.
With deep underwriting expertise developed from serving the Life Sciences community for over three decades, Chubb is best positioned to proactively help companies of all sizes navigate and thrive in today's world of uncertainty. Chubb understands the challenges facing the Life Sciences Industry, including the speed if innovation, cost and pricing complexities, regulatory compliance, and consumer engagement.
For more than 25 years, Chubb has been one of the top providers of insurance protection to the life sciences industry, worldwide. In fact, Chubb has a unit focused exclusively on it – one that continues to break through traditional boundaries with sophisticated insurance solutions that respond to its growing needs.
Addresses some potential gaps in insurance owing to the complex sequence of events and potentially long time frames between when a product is developed and when an insurance claim is filed. Provides blanket human clinical trials protection including medical expenses paid in connection with a human clinical trial. Workers’ Compensation / Employers’ Liability coverage is 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.
We provide coverage for the following 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.