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Life Sciences Excess Policy Highlights

Medmarc’s most recent policy form, Excess Liability for Products/Completed Operations, is written specifically for life sciences companies. It is built upon our knowledge of and experience in the medical device and biotech industry.

Program Eligibility

The Excess Liability Coverage Form is designed for manufacturers and distributors of medical devices, pharmaceuticals, diagnostics, personal hygiene, and animal healthcare products. Medmarc is not a market for excess liability for nutraceuticals / nutritional supplements.

Coverage Highlights

  • Follow form policy with only minor deviations
  • Coverage is triggered when underlying limits have been exhausted by actual payment of damages and/or defense expenses
  • “Shaving of limits” provision that allows the Insured to access the excess layer even in the event of the underlying carrier’s inability to pay remaining limits
  • Insureds are only required to notify Medmarc of claims after 50% of the primary have been paid or reserved
  • Defense Expenses are included within the limits of liability, regardless of whether the underlying policies have defense costs inside or outside the limits of liability
  • Medmarc has the right but not the duty to defend, and has the option to either assume the defense of the Insured or reimburse the Insured for defense expenses
  • Extended Reporting Period (ERP) follows form—Insured must have the right to purchase an ERP in all underlying policies to be eligible for one with Medmarc
  • ProAssurance Specialty Insurance Company (PRA Specialty) E&S paper, rated A (excellent) by A.M. Best
  • Coverage is designed to be excess of only Products/Completed Operations liability policies.

Download the Excess Liability Highlights flyer here.