Life Sciences, Clinical Trials & Pharmaceuticals
What is Indemnity Insurance for Life Sciences, Clinical Trials and Pharmaceuticals?
Indemnity provides protection for claims arising from the possibility of damage or bodily injury stemming from pharmaceutical products, clinical trials or medical devices that are utilised in clinical research. This can often include reputational damage, product recalls and loss of income.
As an independent Broker at Lloyd’s, we specialise in the placement of healthcare liability insurance in the UK for hundreds of life sciences and pharmaceutical companies and contractors each year. We are operated by doctors, for doctors – thus understand your insurance requirements and how we can add value to you.
Clinical Trials Indemnity Insurance
Clinical Trials insurance is a highly sensitive and delicate area of insurance, given that they often require coverage in multiple jurisdictions, often covering more than one trial, ranging from one day to 10 years.
Although Clinical Trials are heavily regulated throughout the US, Canada and Europe, the review board or ethics committee will often require verification of insurance, often from an A-rated and reputable insurer before allowing a trial or trials to commence.
We work with our clients to help them understand the risks involved to human life and reputational damages when things do not go to plan or there is an adverse impact that has a considerable knock-on effect.
As a healthcare insurance expert, we work with you to ensure that there are no gaps in cover and to ensure that the business has sufficient cover in place to cover management/directors through to technicians and support staff.
How can we protect you with Clinical Trial Insurance?
We have extensive specialist healthcare experience in arranging clinical trials insurance globally with direct access to Lloyd’s of London for the competitive and comprehensive placement of your insurance requirements. Our coverage limits vary from £1m to £100m, subject to your specific requirements and exposures.
What do we need to cover you?
Information we will work with you to obtain, in order for us to present your requirements to our specialist insurers:
- The indemnity limit required for liability insurance is often set by the ethics committee.
- Location(s) of the trial
- The Process Document, which acts as the trial protocols, includes details such as:
- Trial participants – how many, ages, genders etc. Trials involving vulnerable groups such as children and women of child-bearing age will come under particular scrutiny.
- Informed consent documents – description of the purpose of the trial, its potential risks and benefits, procedures and duration etc.
- Details of the Investigator or CRO who will conduct the trial
We're Here to Help You
There are many instances that may impact your ability to access insurance, or you’re looking for expert advice Medicas are here to help you.
- We work with individuals and companies who have had claims in the past, are in high-risk areas or are overpaying for your current indemnity.
- Would like Medicas to carry out a silent review to compare your current insurance coverage versus what is available in the market.
- Your products are manufactured and distributed internationally.
- Are not currently receiving the full level of standard cover.
- Are not sure if you are insured appropriately.
- Are a start-up and need advice on your requirements for insurance.
- Are not sure if you are indemnified to the minimum regulatory standards.
