CNA is debuting new coverage for the life sciences market – an admitted product liability policy offering targeted to smaller companies.
The property/casualty insurer said that its Life Sciences Products-Work Hazard policy is now available in 30 states, with filings pending in others. As structured, it will give broad, flexible, claims-made product liability coverage around the world. Coverage can also be expanded to include professional and technology liability on a combined, endorsed form.
Such a policy will have up to $10 million in liability limits in the aggregate, and premiums will start at $2,500. CNA said that the policy is meant to be more accessible to smaller risks.
“Often, smaller life sciences companies do not address their potential product and professional insurance needs because their product is either in the pre-clinical or clinical trial phase, or they’ve been put off by the cost of the insurance,” Ryann Elliot, CNA vice president, underwriting, said in prepared remarks. “Now they have an admitted option with a lower cost of entry.”
Property/casualty insurers are increasingly looking to the life sciences industry as a growth driver.
ACE Group, for example, unveiled expanded clinical trials liability coverage in March for U.K.-based life sciences companies, a product designed to cover their studies conducted around the world.
Last September, Berkshire Hathaway Specialty Insurance disclosed it was expanding its underwriting capabilities to address life sciences industry risks. A division of Ironshore Inc. – IronHealth – announced around the same time that it was expanding its pharmaceutical, biotechnology and medical device industry coverage capacity.