Primary Products Liability policy, supported by Zurich Life
Sciences underwriting specialists, addresses key need for pharma,
medtech, R&D and other companies with revenues up to
$1B.
SCHAUMBURG, Ill., July 9, 2024
/PRNewswire/ -- Life sciences companies with revenues up to
$1 billion now have a new option for
an insurance coverage that's essential to their efforts to innovate
in human health. Zurich North
America has added Primary Products Liability coverage to its
suite of solutions tailored to the unique risks faced by
pharmaceutical, medtech, research and development (R&D)
organizations and other companies in the life sciences sphere.
"Life Sciences companies navigate complex and unique risks as
they create cutting-edge products and services in the healthcare
market," said Head of U.S. Middle Market Alex Wells. "Our new
Primary Products Liability offering is an essential, customizable
coverage that can help support life sciences companies' efforts to
innovate and enhance quality of life for people. This solution is
backed by Zurich's financial
strength, ability to grow with these companies and our global
footprint, which is key for many of these companies with operations
overseas."
Life sciences encompasses a wide range of businesses that
develop, manufacture, market or distribute products or services
intended to help prevent, diagnose and treat illness and
disease. Zurich's new Primary Products Liability offering can
provide significant capacity—up to $10
million for qualified customers—and is designed primarily
for the following types of life sciences companies:
- R&D, both pre-clinical and clinical stage
- Pharmaceutical and biologics
- Medtech and medical devices
- Contract manufacturing organizations (CMOs)
- Contract research organizations (CROs)
- Wholesale and distribution
Zurich's Life Sciences Primary
Products Liability offering will be underwritten by dedicated Life
Sciences underwriters who are attuned to complexities in this
space, including unique exposures, program structures and
regulatory compliance issues. The Primary Products Liability
coverage addresses four main coverage needs, including:
- Products-completed operations liability (PCO)
- Errors and Omissions (E&O)
- Professional Services Liability (PSL)
- Clinical trials
These companies also can consider flexible options such as
worldwide territory built into the form, a broad list of automatic
additional insureds, extended reporting periods for specific
exposures and other options.
"Life Sciences is a growing sector of the economy, and we are
excited to offer a Primary Products Liability coverage that can be
customized to a wide range of risks," said Linda Schultz, Head of Life Sciences for U.S.
Middle Market at Zurich North America. "This offering is backed by
the advanced knowledge and experience of our dedicated Life
Sciences underwriting team as well as risk engineering and claims
specialists, allowing brokers who work with us to be confident in
our ability to appropriately structure whole-account solutions and
service these clients' needs."
Primary Products Liability is the latest addition to
Zurich's Life Sciences offerings,
which include Property, General Liability (premises/operations),
Auto, Workers' Compensation, Umbrella, Excess Product Liability,
International and Marine.
Submissions for the new Primary Products Liability coverage are
being accepted for policy effective dates starting July 15.
Brokers or life sciences companies interested in learning more
can contact their broker or find more information here.
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SOURCE Zurich North America