ACE Group has launched an enhanced clinical trials liability proposition for UK companies, which provides life science companies with specialist insurance for clinical trials programs conducted anywhere in the world.
With the need for clinical trials to be initiated and completed within short timescales, the high number of changes in regulation and requirements within the UK and overseas as well as the increasing number of trials ran in emerging territories, it is imperative that companies have the right insurance cover in place.
The ACE clinical trials product has been developed in direct response to these needs, offering timely and compliant cover as well as flexible solutions equally suitable for single trials and for large multinational multiple trial programs, ACE said in a statement.
The proposition is designed with pharmaceutical manufacturers, biotechnology organizations, medical device and equipment manufacturers, generics companies and research organizations in mind. It is available for all phases, all types of patients, all types of disease, all types of pharmaceutical and biotech products and medical devices.
Details of the enhanced cover include:
- Global casualty cover, including in the US, for UK-based life science companies, through ACE’s network and team of specialist life science and liability underwriters
- Flexible capacity of up to US$75m aggregated limit per investigational product
- Local mandatory limits provided as standard, with the option of a master policy covering difference in limits
- Locally admitted policies in local languages
- Certificate issued within five working days and within 24 hours for a select group of territories and policy documentation issued within 30 days
- Fronting for large captive clinical trials programs available
- Extended indemnity for clinical research organizations and ethics committees
- Access to specialist expertise from ACE’s dedicated in-house casualty risk engineering team
“Clinical trials are a key stage in the development of medicinal products and providing compliant cover and quick turnarounds ultimately benefits both patients and companies,” said Mark Roberts, casualty manager, UK & Ireland at ACE.
Claire Wilkinson is ACE’s in-house clinical trials expert, based in the UK.
Source: ACE Group
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