The new enhanced clinical trials liabilities proposition involves global casualty cover, including in the U.S., and ACE’s team of specialist life science and liability underwriters are slated to handle it.
Claire Wilkinson, life science underwriter for ACE’s Casualty team, explained to Carrier Management via email that ACE issued the expanded coverage to address “steady demand” and respond to a market “where the challenges of conducting clinical trials are increasing.”
“This includes conducting trials in new territories, changes in legislation and regulation, or the need to conduct clinical trials within a short timeframe,” Wilkinson said.
ACE has offered life sciences industry coverage and clinical trial cover in the U.S. for years, she added. But ACE recently expanded its Casualty resources (and added Wilkinson to the team), which enables it to offer clinical trial cover from the U.K. for trials conducted globally.
ACE’s new coverage will include flexible capacity of up to $75 million aggregated limit per investigational product; local mandatory limits provided as standard, with the option of a master policy covering difference in limits; and locally admitted policies in local languages.
As well, ACE said the coverage will also offer features such as fronting for large captive clinical trials programs, extended indemnity for clinical research organizations and ethics committees, and access to specialist expertise from ACE’s in-house casualty risk engineering team.
Also, the plan provides for certificate issued within five working days and within 24 hours for a select group of territories. In addition, policy documentation is issued within 30 days.
“Clinical trials are a key stage in the development of medicinal products and providing compliant cover and quick turnarounds ultimately benefits both patients and companies,” Mark Roberts, ACE’s casualty manager, for U.K. and Ireland, said in prepared remarks.
Specialty coverage focused on the life sciences industry is drawing broader insurer interest.
Last September, for example, Berkshire Hathaway Specialty Insurance announced a planned expansion of its underwriting capabilities to addressed life sciences industry risks. The BHSI expansion, beyond clinical trials, also covers product liability risks from medical devices, nutraceuticals, generic pharmaceuticals and compounding pharmacies. Berkshire said it would offer capacity of up to $25 million. Also last fall, Ironshore Inc.’s IronHealth announced it was expanding its pharmaceutical, biotechnology and medical device industry coverage capacity.