Life Sciences

We believe businesses deserve cover that connects. That’s why we have industry specialists in underwriting, risk engineering and claims who can see the big picture. They understand the risks across your sector and connect different types of cover and services together to match your businesses’ needs. It means less chance of policy gaps and overlap, because everything joins up – like it should. Chubb Industry Practices is all about providing tailored, specialist insurance solutions with capabilities and products that evolve to meet the changing risks of each industry.

Focus Area

Offering you protection and knowledge across the life sciences spectrum

We support you with life sciences insurance and risk management services.

Life science companies need time to focus on innovation and product development. So we support your business with specialised life science insurance expertise to manage your challenges, from supply chain disruptions to ever-changing liability risks – giving you space to concentrate on your operations. 

Services

WORLDcert™

Chubb’s state of the art, interactive clinical trial insurance and certificate management system, WORLDcert, has been designed to make securing coverage more user-friendly and efficient. WORLDcert provides details of clinical trial insurance requirements worldwide, and relays important insurance information, enables issuance of clinical trial insurance quotes and certificates… in most cases, instantly. WORLDcert, gives unprecedented control over the certificate and insurance management process.

FAQs

These are companies that develop products to prevent, diagnose, treat or cure disease in humans or animals, and the service organisations that facilitate this activity. The products are defined as medical devices and pharmaceuticals, and also laboratory equipment that’s used in the development of Life Science products.

If they’re manufactured under GMP, nutraceuticals are included in our appetite – ie products taken by mouth that contain a ‘dietary ingredient’ intended to supplement the diet, herbals and botanicals, vitamins and medical food. However, we don’t actively pursue animal health products designed to increase production or weight (including dietary supplements).  

This is protection for interruption to money spent on creative work undertaken on a systematic basis – to increase the stock of knowledge and use this knowledge to devise new applications – following material damage to property insured. Our policy can provide cover for money spent on the research and development of new products and projects, as well as R&D income and costs that a business is committed to pay.

Contractually the insured may be liable for the financial injury to third parties due to a defect, error or omission in their product or service; this is provided under our professional indemnity section. There is clarity of cover under our policy, as products liability covers bodily injury and property damage for both products and services, and professional indemnity covers financial injury to the insured’s clients – again, arising out of services as well as products.

Products liability is for approved products; clinical trials insurance provides not only legal liability but also no-fault compensation to all participants involved in clinical trials, to ensure they’re protected in line with local regulations. Often there’s a legal requirement to cover trials locally in the countries where they’re being conducted, and we can provide cover in many territories to ensure research subjects are adequately protected and compensated.

Resources

Insights and expertise

We keep you informed – and your business protected – with these helpful articles.
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Industry Practices – Life Science
Commissioning a new life sciences facility: 7 aspects to consider
New life sciences buildings may require specific features to minimise risk and optimise output. Learn more about these considerations and how to implement them.
life science
Industry Practices – Life Science
5 ways for life sciences companies to mitigate supply chain risk
Life sciences companies often face elevated risks due to the specialised nature of their equipment and operations, the complexity of their supply chains, and the regulatory environment in which they operate.
researcher using microscope
Industry Practices – Life Science
The new EU Product Liability Directive: 5 things Life Science companies need to know
The Product Liability Directive (PLD) was introduced in 1985 by the European Commission with the aim of maintaining a fair balance between the interests of consumers and of producers. New technologies, market forces and consumer-focused considerations prompted a revision of the existing legislation, the wording of which was adopted by the European Parliament in

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