Alex Wells, US Middle Market Head, stated: “Life sciences companies navigate complex and unique risks as they create cutting-edge products and services in the healthcare market. Our new primary products liability offering is an essential, customisable 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.”
The life sciences sector includes businesses developing, manufacturing, marketing, or distributing products or services aimed at preventing, diagnosing, and treating illnesses and diseases. The product can provide up to $10 million in capacity for qualified companies and is especially focussed on R&D (pre-clinical and clinical stages), pharmaceutical and biologics, medtech and medical devices, contract manufacturing organisations, contract research organisations, and wholesale and distribution companies.
Zurich’s specialised life sciences underwriters will manage the new policy, ensuring it addresses specific industry challenges such as unique exposures, programme structures, and regulatory compliance issues. This covers four principal areas: products-completed operations liability, errors and omissions, professional services liability, and clinical trials. Companies can choose from flexible options including worldwide coverage, automatic additional insureds, and extended reporting periods for particular exposures.
Linda Schultz, Head of Life Sciences for US Middle Market Zurich North America, highlighted: “Life sciences is a growing sector of the economy, and we are excited to offer a primary products liability coverage that can be customised to a wide range of risks. 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.”
Zurich’s existing life sciences offerings include property, general liability (premises/operations), auto, workers’ compensation, umbrella, excess product liability, international, and marine. Applications for the new primary products liability coverage are now being accepted for policies effective from 15th July.
