Insurance for Life Science Companies

If you’re in the fast-paced and highly innovative life science industry, your business will require an insurance provider that can keep up.

With our specially tailored products, expertise in underwriting and claims handling, and client-centric service, you can expect effective protection whether you run a pharmaceutical corporation or medical device company.

What it covers

Coverage highlights

For more than 25 years, Chubb has been one of the top providers of insurance protection to the life sciences industry, worldwide. In fact, we have a unit focused exclusively on it – one that continues to break through traditional boundaries with sophisticated insurance solutions that respond to its growing needs.

We offer enterprise-wide solutions that are precisely crafted for life science companies, with specialised products for general liability, products and human clinical trials liability as well as errors and omissions. They are:

General liability policy

This hybrid product offers a dual trigger – an occurrence trigger for premises/operations and a claims-made trigger for products hazard liability. Traditional stand-alone policies are also available.

Errors and Omissions Insurance

This product helps to protect businesses from lawsuits that allege financial losses due to the failure of products or services to perform to specifications. It can be customised to respond to losses resulting from the need to stop using a product due to the risk of future bodily injury or property damage.

Chubb's multinational infrastructure delivers these insurance solutions on a global basis with a coordinated approach and dependable quality.

BENEFITS

We provide coverage for the following companies:

Pharmaceutical Companies

Coverage is available for manufacturers of prescription and over-the-counter drugs and dietary supplements. We’ll also consider providing cover for manufacturers of veterinary products, although, to be considered, the veterinary products must be manufactured for the purpose of treating a disease.

Medical Device Companies

Coverage is available for manufacturers of medical devices and laboratory equipment used in the research and development of new drugs and medical devices.

Drug Discovery Companies

Coverage is available under this category for companies such as biotech R&D companies developing new therapies based on genomics or proteomics and other studies of disease at the molecular level.

Contract Research Organisations

Coverage is available for companies in the business of providing support services to pharmaceutical, medical device, or drug discovery companies on a fee-for-service basis.

These support service activities can include contract research, laboratory work, clinical work (relating to human clinical trials), product design or development reviews.

Contract Manufacturing Organisations

Coverage is available for companies that provide manufacturing, packaging or labelling services to pharmaceutical and medical device companies on a fee-for-service basis.

Human Clinical Trials

Coverage for human clinical trials is an actively pursued class of business by Chubb Insurance. We can consider stand-alone coverage for all human clinical trials conducted by commercial sponsors and, subject to underwriting criteria being met, certain academic or investigator-initiated human clinical trials.

Insurance is issued and underwritten by Chubb Insurance New Zealand Limited NZBN 9429040398037, FSP No. 35924 (Chubb). Please review the relevant policy wording to understand the terms, conditions, limits, and exclusions to decide if the product is suitable for you. Any information provided is general information about our insurance product and not financial advice.

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Insurance for Life Science Companies | Chubb in NZ