Complete coverage from the specialists in Life Sciences
Chubb’s Premier Life Science policy provides robust casualty and cyber coverage which can be tailored to suit the needs of your business.
Premier Life Science provides comprehensive coverage for a range of potential risks in the industry. From research and development processes to clinical trials, data management or product manufacturing and distribution, our policy is designed to safeguard your business from financial losses due to unforeseen liabilities.
FOCUS AREAS
Who it's for
Pharmaceutical and biotechnology companies
Dietary supplement companies
Medical device manufacturers
Healthcare information technology developers
Medical products distributors
Analytical laboratories
Pre-clinical and clinical contract research organisations
Not-for-profit research organisations
HIGHLIGHTS AND FEATURES
Customisable coverage
With Chubb’s Premier Life Science, you can insure your operations with broad, global insurance that can be customised to meet the needs of your business.
Satisfy the contractual insurance requirements of your customers and suppliers.
Provide legal defence of your customers, vendors or others if, prior to a loss, you assumed such responsibility in a written contract in connection with your business.
Enhance coverage for first and third party digital risks with our optional Cyber Coverage Module.
Business activities we've insured
Generic Pharmaceutical manufacturing
Biologic drug and vaccine manufacturing
Dietary supplement and herbal remedy manufacturing
Clinical decision support software
MRI manufacturing
Medical product wholesale distribution
Genetic testing labs
Contract research services (pre-clinical and clinical)
Research Institutes
KEY COVERAGE BENEFITS
Broadform Liability and Clinical Trials Liability
Broadform liability: Public liability and products and services liability coverage for third party property damage and bodily injury, including personal injury.
Clinical trials liability: Coverage for injury to participants in clinical trials conducted to validate the safety and efficacy of your medical products.
Extended liability for claims-made coverage: Ensures certainty of coverage for future claims correlated to circumstances reported to us or to claims made against you during the policy period.
Extensions: Product recall, bodily injury or property damage arising from cyber events, healthcare services liability, medical monitoring expenses, property in your care, custody and control, and crisis response expenses.
Products and Services Professional Indemnity
Product or service performance failure liability: Provides financial loss coverage, including cover for performance-based contractual liability.
Network security liability: Coverage for financial loss to third parties whose computer systems are hacked or compromised due to an actual or suspected defect in your product or service.
Intellectual property and media liability: Coverage for damages sustained by a third party resulting from actual or suspected trademark, copyright and other intellectual property infringements or disclosure of confidential client information.
Extensions: The return of amounts paid for your products or your services, legal costs for regulatory inquiries, and expenses incurred to mitigate an actual or potential claim against you from a customer.
Cyber
First party cyber incidents: Coverage for business interruption, data recovery costs and extortion negotiation, including privacy notification expenses, forensic expenses, remediation and crisis management expenses, and investigation and defence of regulatory actions. Clients will be supported by Chubb’s Cyber Incident Response team, designed to help mitigate and resolve cyber events.
Privacy and network security liability arising from a cyber incident: Complements the cover provided under Products and Services Professional Indemnity, ensuring comprehensive coverage for risks related to the disclosure of confidential client information.
Chubb's Cyber team is dedicated to helping you prevent and prepare for incidents, ensuring you are well-equipped to navigate complex regulatory and legal challenges that can arise from a data privacy breach.
Why Chubb?
Why Chubb?
We are specialists in casualty insurance for life sciences companies – and we care about your business.
Chubb has been insuring life sciences companies in the Asia Pacific region for 20 years. Our breadth of experience means we can provide the guidance and service you need, whenever you need it, wherever you may be.
Innovative technology
We offer WORLDcert™, a state-of-the-art, interactive clinical trial insurance and certificate risk management system, and WORLDview®, which gives you real-time access to admitted policies.
Partnership that’s personal
We work to understand your business and where you’re heading so we can be proactive about meeting your insurance needs. We invest in getting to know you, your team and your customers. The goal: to help you see ahead, be ahead and stay ahead.
Creative problem-solving Insurance isn’t one-size-fits-all – and neither is our approach. Our playbook is constantly evolving because we’re always helping our clients avoid and mitigate risk in smarter ways. That means we bring the latest thinking and a fresh perspective to solving your challenges.
Unmatched expertise and financial strength We’ve served clients and partnered with leading organisations around the world for more than 200 years. Our longevity, expertise and financial strength are the bedrock of our business.
FAQs
FAQs
These are companies that develop products to prevent, diagnose, treat or cure disease in humans or animals, and the service organisations that facilitate these activities. Life sciences products are defined as medical devices and pharmaceuticals, as well as laboratory equipment that’s used in the development of life sciences products.
If they are manufactured under Good Manufacturing Practices (GMP), nutraceuticals are included in our appetite, i.e. products taken by mouth that contain a ‘dietary ingredient’ intended to supplement the diet, herbals and botanicals, vitamins and/or medical food. However, we do not actively pursue animal health products designed to increase production or weight (including dietary supplements for animals).
This is protection for interruption to money spent on creative work undertaken on a systematic basis – to increase the stock of knowledge and use this knowledge to devise new applications – following material damage to property insured. Our policy can provide cover for money spent on the research and development of new products and projects, as well as R&D income and costs that a business is committed to pay.
The insured may be contractually liable for financial injury to third parties due to a defect, error or omission in their product or service; cover for this is provided under our professional indemnity section. There is clarity of cover under our policy, as products liability covers bodily injury and property damage for both products and services, and professional indemnity covers financial injury to the insured’s clients – again, arising out of services as well as products.
Products liability insurance only applies for approved products; whereas clinical trials insurance provides not only legal liability, but also no-fault compensation to all participants involved in clinical trials to ensure they are protected in line with local regulations. In many countries, it is a legal requirement to cover trials locally where they are conducted, and our global reach means research subjects can be adequately protected and compensated in the territories you select for your trial sites.
