Markets/Coverages: Markel Launches Clinical Trials Cover to Support Research Globally

Markel Insurance, the insurance operations within Markel Group Inc., announced the launch of its clinical trials insurance product.

Markel said the product underscores its commitment to providing best-in-class solutions to support clinical trials research and product development on an international scale.

The new clinical trials offering provides comprehensive cover to sponsors, researchers and participants throughout all phases of clinical research and is tailored to meet the regulatory requirements of more than 100 territories, ensuring smooth and compliant trial operations, worldwide.

As part of its service offering, Markel can offer same-day turnaround for quotations, as well as the issuance of certificates and policy documents through its automated document production platform, so that clinical trial sponsors and researchers can get the required insurance in place to begin clinical trials in a timely manner and meet regulatory deadlines.

Markel utilizes its Lloyd’s licenses and extensive global network to provide these solutions to ensure a compliant solution where required.

“Clinical trials insurance is a regulatory requirement in many countries and it’s often the last hurdle to get approval to begin clinical research,” said Robert Hannaford, senior underwriter – Life Science, Markel, in a statement.

“Delays to this process can result in sizable costs, reputational damage and suspend vital research from going ahead for sponsors and researchers,” he added.

“We do not want insurance to be a delaying factor to allowing important clinical research to begin, which is why we’ve produced a customer-centric product that streamlines all parts of the insurance value chain to prioritise service,” Hannaford said.

Source: Markel Insurance

Topics New Markets