Markel Corporation has announced a new insurance product for biomedical and life sciences companies in the U.S. primary insurance segment that provides product liability, professional liability, general liability, clinical trial liability, and related medical professional liability coverage.
Target markets include the pharmaceutical, biotechnology, medical device, dietary supplement, and laboratory instrument and equipment industries. Markel already has an established book of life sciences business in the excess markets, but this is the company’s first primary offering.
According Matthew Huels, managing director of Markel’s casualty product line leadership team, making primary coverage available to both wholesalers and retailers is a natural progression in extending the company’s life sciences product line. Coverages are available middle-market life sciences companies, including start-ups, research, clinical trials and product manufacturing. Coverage is written on a surplus lines basis and is available in all 50 states.
Markel Corporation is a financial holding company serving a variety of niche markets. The Company’s principal business markets and underwrites specialty insurance products.
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