Specialist insurer Beazley now sells life sciences liability coverage specifically designed for small businesses and startups in the sector.
“As the life sciences sector continues to expand at a rapid pace, we see a great opportunity to enhance our offering to meet the needs of innovative organizations and startups that are often exposed to complex and emerging risks,” Kathryn Janofsky, Beazley’s head of U.S. Private Enterprise, said in prepared remarks.
Dubbed Beazley BioSecure, the coverage is intended to provide “carefully crafted, flexible insurance protection” against a wide range of exposures in the pharma, biotech and medical device sectors, according to the insurer.
The new coverage builds on Beazley’s experience underwriting life sciences risks and managing claims in the space for middle to large-size clients. It is designed to underwrite specific risks such as clinical trials, medical device manufacturers, drug delivery systems and surgical equipment suppliers, Beazley said.
The policy provides worldwide coverage for U.S.-domiciled PE firms and includes products/completed operations, clinical research & healthcare professional services (negligent act, error or omission, clinical trial medical expenses & monitoring expense), and general liability. There is also cover for products/completed operations, clinical research & healthcare professional services, cinical trial medical expenses & monitoring expenses and general liability.