Sompo Global Risk Solutions, a subsidiary of Bermuda-based specialty property and casualty re/insurer Sompo International, has introduced a state-of-the-art products-completed operations and errors and omission liability protection product built for the life sciences industry.
Sompo Life Science Plus offers coverage for various life science products, including products used in human clinical trials, products loaned or rented to others, and representations & warranties made with respect to a named insured’s product.
The product targets small and middle market accounts, including biotechnology companies, clinical monitoring and site management firms, clinical trials, contract research organizations, laboratories, medical device companies, and pharmaceutical companies.
“At Sompo Global Risk Solutions, we understand that product development lies at the heart of the life sciences industry,” said Michael Chang, CEO of Sompo Global Risk Solutions.
“We are pleased to expand our capabilities to include Sompo Life Science Plus, a comprehensive solution tailored specifically for companies in this dynamic sector.
“Sompo Life Science Plus combines our extensive knowledge of the life science industry with our ability to develop innovative insurance program structures to offer companies in this space an advanced risk management approach offering critical financial protection across the product supply chain.”
