ACE USA has launched a commercial package policy to help protect life sciences companies from property and casualty exposures faced by this specialized industry.
The ACE USA Commercial Package Policy is offered to ACE’s U.S.-based life sciences customers already covered under its Life Sciences Products Completed Operations Liability Policy.
This product is offered by ACE Medical Risk, an operating division of ACE USA, which provides a liability products for the healthcare industry.
The life science industry is rapidly growing and complex, comprising many specialized scientific and technological fields. According to a 2006 PricewaterhouseCoopers LLP report on the Top 10 Business Issues for Health Industries, the cost of drug development is in excess of $800 million, with pharmaceutical manufacturers under strong pressure from stakeholders to produce positive financial results.
Subsequently, the pharmaceutical industry will be focused on boosting R&D productivity and cutting costs; many drug companies will consider forming strategic alliances and joint ventures with biotech firms as a source for new products, according to ACE.
“During this time of unprecedented change in the life sciences market, and with the rapid advances in science and technology, now more than ever it is critical to offer effective risk management and insurance solutions to our customers,” said Philip Twietmeyer, senior vice president, ACE Medical Risk.
Key features of ACE USA’s Medical Risk Commercial Package Coverage include the following:
Blanket real and personal property, including business income and extra expense
Personal and advertising injury
Spoilage, contamination, and research and development costs to reconstruct clinical trials.
For more information, contact Twietmeyer at Philip.email@example.com.
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