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Chubb Move Will Help Expedite Clinical Trials in Czech Republic, Hungary and Portugal

WARREN, NJ, December 7, 2010—Life sciences companies now can reduce the chances that their human clinical trials in the Czech Republic, Hungary and Portugal will be delayed because they are unable to prove that they have required local insurance in place. The Chubb Group of Insurance Companies has added these three countries to WORLDcert, a proprietary online system that instantly generates certificates of insurance in 152 countries.

Launched in July 2010, WORLDcert helps drug and medical device developers and clinical research organizations expedite receipt of accurate insurance documentation, a pre-requisite for a medical institution’s ethics committee’s approval to allow a trial to begin. The system eliminates the need for an insurance agent or broker to communicate trial information to an insurance company and for the insurer to complete manually intensive processes. If a certificate of insurance is inaccurate, incomplete or not available, the ethics committee may withhold its approval often for months, thereby potentially delaying the introduction of a life-saving or life-extending therapy to the market and shortening the time frame during which a life sciences company enjoys patent exclusivity.

“We are excited to extend WORLDcert’s capabilities to these three important countries, where more than 3,000 human trials are under way. We look forward to continuing to expand WORLDcert into additional countries,” said Frank Goudsmit, vice president and life sciences international manager, Chubb Commercial Insurance.

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches and affiliates in North America, Europe, Latin America, Asia and Australia.