Zurich NA adds Products Liability for Life Sciences

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Jul 09, 2024, 09:06 ET

Primary Products Liability policy, supported by Zurich Life Sciences underwriting specialists, addresses key need for pharma, medtech, R&D and other companies with revenues up to $1B.

SCHAUMBURG, Ill., July 9, 2024 /PRNewswire/ -- Life sciences companies with revenues up to $1 billion now have a new option for an insurance coverage that's essential to their efforts to innovate in human health. Zurich North America has added Primary Products Liability coverage to its suite of solutions tailored to the unique risks faced by pharmaceutical, medtech, research and development (R&D) organizations and other companies in the life sciences sphere.

"Life Sciences companies navigate complex and unique risks as they create cutting-edge products and services in the healthcare market," said Head of U.S. Middle Market Alex Wells. "Our new Primary Products Liability offering is an essential, customizable coverage that can help support life sciences companies' efforts to innovate and enhance quality of life for people. This solution is backed by Zurich's financial strength, ability to grow with these companies and our global footprint, which is key for many of these companies with operations overseas."

Life sciences encompasses a wide range of businesses that develop, manufacture, market or distribute products or services intended to help prevent, diagnose and treat illness and disease. Zurich's new Primary Products Liability offering can provide significant capacity—up to $10 million for qualified customers—and is designed primarily for the following types of life sciences companies:

R&D, both pre-clinical and clinical stage
Pharmaceutical and biologics
Medtech and medical devices
Contract manufacturing organizations (CMOs)
Contract research organizations (CROs)
Wholesale and distribution

Zurich's Life Sciences Primary Products Liability offering will be underwritten by dedicated Life Sciences underwriters who are attuned to complexities in this space, including unique exposures, program structures and regulatory compliance issues. The Primary Products Liability coverage addresses four main coverage needs, including:

Products-completed operations liability (PCO)
Errors and Omissions (E&O)
Professional Services Liability (PSL)
Clinical trials

These companies also can consider flexible options such as worldwide territory built into the form, a broad list of automatic additional insureds, extended reporting periods for specific exposures and other options.

"Life Sciences is a growing sector of the economy, and we are excited to offer a Primary Products Liability coverage that can be customized to a wide range of risks," said Linda Schultz, Head of Life Sciences for U.S. Middle Market at Zurich North America. "This offering is backed by the advanced knowledge and experience of our dedicated Life Sciences underwriting team as well as risk engineering and claims specialists, allowing brokers who work with us to be confident in our ability to appropriately structure whole-account solutions and service these clients' needs."

Primary Products Liability is the latest addition to Zurich's Life Sciences offerings, which include Property, General Liability (premises/operations), Auto, Workers' Compensation, Umbrella, Excess Product Liability, International and Marine.

Submissions for the new Primary Products Liability coverage are being accepted for policy effective dates starting July 15.

Brokers or life sciences companies interested in learning more can contact their broker or find more information here.

SOURCE Zurich North America