Archive for Life Sciences
New life forms created in laboratories can be patented and this has spurred the growth of this emerging industry. Hundreds of biotech laboratories are now operating and more are expected in the future. The growth of this industry has created new liability exposures, such as the need to control hazardous biological substances, especially when applying gene-splicing methods to medicine, agriculture, and industrial processes. Liability coverages that these businesses need include premises and product-completed operations, liability, and errors and omissions. Specific coverage may be needed for the research and development activities. Environmental impairment liability for the escape of substances, disposal of chemicals, vapors, odors, and genetic and teratogenic damages is needed. Higher limits for commercial umbrella or excess liability coverage are very important.
Medical Technology & Life Science Manufacturers & Distributors
Companies that manufacture, test, distribute, and sell medical, biological, pharmaceutical, and other products approved by the Food and Drug Administration (FDA) or other regulatory bodies around the world are vulnerable to a variety of products liability risks. These risks are unique to their industries and require specialized insurance coverage. These companies also recruit human test participants for trials across the globe. The coverage requires specialized knowledge in order to adequately underwrite and price the exposures.
Products Liability: Hazardous or New Products
Drugs, cosmetics, chemicals, burglar and fire alarm equipment and ladders are some examples of hazardous products. The products liability market for these and other hazardous products is relatively small. Similarly, very few standard markets are interested in insuring new types of products, particularly drugs. The same approach is taken when covering hazardous and/or new products in that a complete description of the product along with complete chemical and/or engineering reports must be provided.