The Chubb Group of Insurance Companies is rolling out new insurance products and risk-management programs for both biorenewable and industrial biotechnology outfits.
New Jersey-based Chub defines these companies as those that “develop technologies to convert waste, plant or plant-based materials” into products traditionally made from petroleum “or other non-renewable sources.”
That can run the gamut. Chubb’s example of a potential client in this space is a company that may have been producing renewable fuel for transportation that gains an added capacity to use byproducts from that process to make and market a line of cosmetics.
Chubb’s offerings in this space now include various property/casualty insurance products and loss control services targeted specifically to research and development, early stage and commercialized biorenewable companies, Chubb said. Specific coverages will written based on expertise from Chubb’s Clean Technology, Life Sciences and Energy practices.
Insurance plans will range from loss or damage to buildings or personal property, to research and development property, loss of milestone payments due to property loss or damage, equipment breakdown, contamination, general liability, product liability and errors and omissions.