US re/insurer Markel Corporation has announced the launch of an enhanced life sciences product liability offering which is also now available on admitted paper.
The offering provides broader access to partners and insureds by delivering specialized insurance solutions in the ever-evolving life sciences industry.
The new policy offers customers tailored solutions to include industry specific coverages such as clinical trial coverage and class one product recall expense coverage.
Moreover, Markel Corporation also noted that the policy spans across the medical device, pharmaceutical, biological, dietary supplement, and cosmetic industries through the entirety of the product life cycle, therefore allowing insureds to obtain coverage from the beginning of the research and development stage and all the way through commercialization.
“Markel is proud to be an insurance provider that now offers broadened and expanded accessibility for products-completed operations, error or omission, and general liability coverage with our enhanced life sciences liability insurance policy,” said Mary Ann Stewart, Director, Life Sciences.
“Markel joins a small group of carriers that offer this capability. Our enhanced offering can be paired with a suite of life sciences industry-specific coverage enhancements via endorsement, and underscores Markel’s deep commitment to the life sciences industry.”
“Markel is committed to continuing to address our customers’ unique and emerging exposures by providing specialized, innovative solutions within the life sciences industry,” said Jane Peterson, Chief Underwriting Officer, Markel Specialty.
“We’re excited to continue to partner with our brokers and customers to make it easier to obtain admitted coverage.”
Meanwhile, in its Q3 22 results, Markel Corporation reported a comprehensive loss of $367.4 million, mainly due to investment losses and unrealized losses on its fixed maturity portfolio.
