12 Essential Things - Product Liability Insurance Coverage

Here are 12 essential things that life sciences clients should have included with their product liability insurance coverage, based exclusively on insights from Medmarc:

1. Tailored Coverage for Life Sciences

Medmarc’s product liability insurance is specifically designed for medical technology, biotechnology, pharmaceutical, and diagnostic companies, with no boilerplate exclusions for certain diseases or outcomes. https://medmarc.com/insurance-solutions/products-policy-highlights/.

2. Automatic Clinical Trial Coverage

Coverage for clinical trials is automatically included, unless local regulations require otherwise. No prior notification is needed for new trials during the policy period.

3. Worldwide Coverage

Medmarc provides global coverage, defending clients wherever a claim is brought, subject to U.S. sanctions or embargos.

4. First-Dollar Claims Management

Claims are managed in-house by Medmarc from the moment they’re reported, without waiting for deductibles to be consumed or involving third-party administrators.

5. Flexible and Aggregated Deductibles

Deductibles are aligned with your financial capacity and aggregated, so your maximum out-of-pocket costs are known upfront.

6. Extended Reporting Periods

Medmarc offers automatic and optional extended reporting periods—up to six years—for claims related to bodily injury or property damage.

7. Coverage for Known or Foreseeable Side Effects

Policies include coverage for bodily injury arising out of known side effects of or adverse reactions to your products.

8. Additional Insureds Are Covered

Coverage extends to vendors, CROs, IRBs, sales reps, service techs, and medical staff involved in product delivery, training, or oversight.

9. Automatic Coverage for New Entities

Newly acquired or formed organizations are automatically covered for 90 days, provided no similar insurance exists.

10. Exclusions Can Be Broad

Other insurance carriers exclude products based on industry trends or carrier experience, even if the insured hasn’t had issues. Examples include exclusions for silicone, metal-on-metal implants, or hormone therapies. Medmarc does not.

11. Compassionate Use Coverage

We provide coverage when the doctrine of “compassionate use” prompts a clinician to use an unapproved product on a patient who is not enrolled in a clinical study.

12. Coverage for Medical Products Sales and Service Personnel

Your sales and service representatives who provide technical expertise, product training, and sales support in connection with the sale, loan, lease, or delivery of your products are insured. Your medical staff members are insured for liability arising from their providing or failing to provide supervisory or instructional services.

References

[1] Life Sciences Products Liability Highlights | Medmarc

[2] Life Sciences Products Liability Coverage Features | Medmarc

[3] Insurance Issues that Arise in Products Liability Litigation for Life ...