The Chubb Group of Insurance Companies announced that it has added the Czech Republic, Hungary and Portugal to its WORLDcert program, a proprietary online system that instantly generates certificates of insurance in 152 countries.
The system enables life sciences companies to “reduce the chances that their human clinical trials in will be delayed because they are unable to prove that they have required local insurance in place,” said Chubb.
“Launched in July 2010, WORLDcert helps drug and medical device developers and clinical research organizations expedite receipt of accurate insurance documentation, a pre-requisite for a medical institution’s ethics committee’s approval to allow a trial to begin,” said Chubb.
“The system eliminates the need for an insurance agent or broker to communicate trial information to an insurance company and for the insurer to complete manually intensive processes. If a certificate of insurance is inaccurate, incomplete or not available, the ethics committee may withhold its approval often for months, thereby potentially delaying the introduction of a life-saving or life-extending therapy to the market and shortening the time frame during which a life sciences company enjoys patent exclusivity.”
Frank Goudsmit, vice president and life sciences international manager, Chubb Commercial Insurance, noted: “We are excited to extend WORLDcert’s capabilities to these three important countries, where more than 3,000 human trials are under way. We look forward to continuing to expand WORLDcert into additional countries.”
Source: Chubb Group
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