Specialist insurer Beazley has announced the launch of an enhanced version of its life sciences offering in the UK.
The new policy is designed to protect the sector’s small and start-up research & development-focused organisations.
Beazley’s new life sciences wording includes: products liability; professional indemnity; public liability; and medical malpractice; and claims made coverage.
New extensions have also been added to the mid-market cover.
These extensions include product recall costs triggered by a recall by the policyholder or an official governmental authority; barcode rectification costs; and research and development restoration costs.
“Our launch comes at a time when research clinics and laboratories face intense pressure to increase testing for Covid-19 and to find a vaccine or other means to curtail the spread and impact of this deadly virus,” said Kirsten Shastri, an international healthcare underwriter and lead underwriter at Beazley.
“The development of this cover has been achieved by close co-operation between Beazley’s specialist life sciences underwriters globally and healthcare claims team and by listening to brokers and clients in respect of the continuing metamorphosis and product innovation. xThis has helped us to provide a bespoke offering for an ever-changing risk landscape.”
Katie Caris-Harris, healthcare underwriter for UK private enterprise at Beazley, added, “SMEs and start-ups are driving innovation in research and development at this critical time for public health globally.
“Our launch of life sciences insurance for small businesses aims to provide those firms with the risk protection they need to continue to grow and innovate, which they may have struggled to obtain in the past.”
