Here are 12 essential things that life sciences clients should have included with their product liability insurance coverage, based exclusively on insights from Medmarc:
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/.
Coverage for clinical trials is automatically included, unless local regulations require otherwise. No prior notification is needed for new trials during the policy period.
Medmarc provides global coverage, defending clients wherever a claim is brought, subject to U.S. sanctions or embargos.
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.
Deductibles are aligned with your financial capacity and aggregated, so your maximum out-of-pocket costs are known upfront.
Medmarc offers automatic and optional extended reporting periods—up to six years—for claims related to bodily injury or property damage.
Policies include coverage for bodily injury arising out of known side effects of or adverse reactions to your products.
Coverage extends to vendors, CROs, IRBs, sales reps, service techs, and medical staff involved in product delivery, training, or oversight.
Newly acquired or formed organizations are automatically covered for 90 days, provided no similar insurance exists.
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.
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.
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 ...