CNA has launched a new admitted product liability policy offering for the life sciences market. This product launch makes CNA one of only a handful of carriers to offer life sciences companies an admitted and non-admitted coverage option for their product and professional liability needs.
The Life Sciences Products-Work Hazard policy form provides broad, claims-made product liability coverage on a worldwide basis. Coverage can be expanded to include professional and technology liability on a combined, endorsed form. Limits of liability of up to $10 million in the aggregate are available. With minimum premiums starting at $2,500, CNA’s coverage is meant to be more accessible to smaller risks. The new policy is currently available in approximately 30 states with filings pending in additional states.
Ryann H. Elliot, vice president, underwriting, said by offering life sciences companies the choice of either an admitted or non-admitted option for primary coverage, the company can serve the market’s product and professional liability needs, particularly those of smaller emerging life science companies. “Often, smaller life sciences companies do not address their potential product and professional insurance needs because their product is either in the pre-clinical or clinical trial phase, or they’ve been put off by the cost of the insurance,” he said.
The life sector includes companies, distributors and wholesalers involved in pharmaceutical and nutraceutical products; biotechnology and biosimilar products; medical devices; research, development and clinical trials for pharmaceutical drugs, biologics and medical devices; contract research organizations; and university-based medical centers and other independent facilities engaged in clinical trials.
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