Life Sciences Errors and Omissions Policy Features
Plan for the Unexpected
Medmarc’s E&O Liability policy for economic injury is tailored to the life sciences industry and covers the wide range of activities medical technology and pharmaceutical companies perform. Companies with Medmarc’s E&O coverage may engage in strategic partnerships and perform contract services—activities integral to the life sciences industry—knowing that they have robust coverage to protect their customer relationships should the unplanned-for occur. Reflecting our unique understanding of the industry, Medmarc’s E&O policy provides the appropriate breadth and quality of coverage for your operations.
For Manufacturers and Contract Service Companies
Medmarc covers companies functioning throughout the supply chain—from companies conducting clinical trials to those with commercialized products and sales—in both the drug and device industries. Medmarc provides coverage to component suppliers, subcontractors, and finished-device manufacturers, as well as contract services companies.
Third-Party Economic Loss
Medmarc’s E&O policy provides comprehensive coverage for a vast array of common, but potentially costly, errors that can occur in a product’s path to market. Our policy covers you for economic injury suffered by your customer, including losses resulting from the loss of use of data and product withdrawal.
Data Corruption and Loss of Use of Data
Economic Injury includes damages arising out of the loss of, loss of use of, damage to, corruption of, inability to access, or inability to manipulate electronic data—information, facts or programs stored or created or used on, or transmitted to or from computer software.
Coverage in the Event of a Recall
Economic Injury also includes costs associated with a recall. Medmarc does not limit coverage to Class I recalls. Medmarc’s recall coverage is broad and includes direct recall expenses, and also enables your customers to regain their goodwill and market share in the event of a recall.
Broad Definition of “Wrongful Act” Covering a Host of Activities.
Negligent errors or omissions in the design, manufacture, distribution, or installation of your product or while performing other work or services can irreversibly damage customer relationships if not promptly and professionally remediated. Medmarc’s policy covers negligent errors or omissions while performing activities specific to your industry, including product manufacturing and design, production, processing, preparation, assembly, blending, mixing, distribution, packaging, and labeling.
Superior Customer Service.
We are the experts—having focused on liability coverage for life sciences companies longer than any other carrier, we know what risks to cover and how best to cover them. Our team of professionals offer tailored underwriting solutions and risk management assistance on the spectrum of risks you face in running your business. Medmarc has designed E&O coverage and companion claims and loss control services to meet your unique business needs. We are available to advise, assist and train you and your staff on potential risk areas according to your specific operational activities, objectives and constraints.