Astute life sciences companies purchase products liability insurance to assure the protection of their assets and reputations in the event a claim arises alleging their product caused bodily injury or property damage. In selecting appropriate coverage, these companies, with the sound guidance of their brokers weigh several considerations including the reputations of the various carriers, the size of the appropriate policy (in terms of limit), and the amount of premium owed. Despite the attention devoted to insurance selection, however, several factors seem to go overlooked during this process, and the result can be a policy that functions in ways that are inconsistent with the policyholder’s expectations.
Relation Language and Batch Clauses
Deemed-Known/Prior Knowledge Provisions
Control of the Defense
- selection of defense counsel and the carrier’s right to change counsel upon assuming the defense;
- attorney’s fees and whether the fee arrangement reached between the insured and their chosen defense counsel will be permitted to continue or if fees; and
- the existence of a claims-handling protocol which companies are mandated to follow even within the SIR.
For additional resources contact the Marketing department
Medmarc is a part of ProAssurance Group, a family of specialty liability insurance companies. The product material is for informational purposes only. In the event any of the information presented conflicts with the terms and conditions of any policy of insurance offered from ProAssurance, its subsidiaries, and its affiliates, the terms and conditions of the actual policy will apply.
Copyright © 2024 - Medmarc