Zurich North America has launched a core product liability policy designed to meet the specific needs of pharmaceutical, medical technology, R&D and other life science companies with revenues of up to $1 billion.

“Life sciences companies deal with complex and unique risks as they create advanced products and services in the healthcare market,” noted Alex Wells (pictured), president of US mid-market.

“Our new primary product liability offering provides essential, customizable coverage that can help support life science companies’ efforts to innovate and improve people’s quality of life. This solution supports Zurich’s financial strength, ability to grow with these companies, and our global footprint, which is essential for many of these companies operating abroad.”

The life sciences sector includes companies that develop, manufacture, market, or distribute products or services aimed at preventing, diagnosing, and treating disease.

Essential product liability coverage can provide up to $10 million of capacity to eligible customers and primarily targets research and development (clinical and pre-clinical phases), pharmaceuticals, biologics, medical technology, medical devices, contract manufacturing organizations, contract research organizations, and wholesale and distribution companies.

Zurich’s life sciences underwriting specialist will handle the new policy, ensuring it addresses specific industry challenges such as unique exposures, program structures and regulatory compliance issues.

This covers four main areas: liability for completed product operations, errors and omissions, professional services liability, and clinical trials. In addition, companies can choose from flexible options including global coverage, automatic additional insureds, and extended reporting periods for certain risks.

“Life sciences is a growing sector of the economy, and we are excited to offer primary product liability coverage that can be customized for a wide range of risks,” said Linda Schultz, Head of Life Sciences for the US Mid-Market at Zurich North America.

“This offering is supported by the advanced knowledge and experience of our dedicated life sciences underwriting team as well as our risk engineering and claims specialists, allowing brokers working with us to have confidence in our ability to appropriately structure complete account solutions and serve the needs of these clients.”

Zurich Life Sciences’ current offerings include property, general liability (premises/operations), motor, workers’ compensation, umbrella, product liability excess, international and marine insurance. Meanwhile, applications are being accepted for new primary product liability coverage for policies that will come into effect from July 15.

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