Global multiline property and casualty insurer ACE Group, through its wholesale-focused business, ACE Westchester Professional Risk, has expanded its products suite to address the needs of US-based life sciences companies.
According to the company, the ACE Westchester Professional Risk Life Sciences policy addresses the unique exposures faced by life sciences companies.
The product offers domestic and global product liability, and providing coverage for clinical trials, including biotechnology, specialty pharmaceutical, and non-implantable medical device organizations.
The Life Sciences capability continues to expand the medical coverage options, which has been available within the retail sector of ACE for more than 10 years.
It has now been expanded to be offered by ACE Westchester, where the focus is on product distribution through wholesale brokers.
ACE Westchester Professional Risk vice president Randi Goldberg said: "ACE’s longstanding leadership role in the Life Sciences arena will allow us to continue to respond to an ever-changing marketplace with flexibility and innovation.
"We continue to offer the extensive product knowledge and underwriting expertise that has always distinguished ACE, but with the added value of an approach tailored to the wholesale market."
The ACE Westchester’s life sciences program features global solutions for US-based life sciences companies, including those conducting clinical trials overseas.
Coverage under the policy includes products-completed operations and professional liability coverage including worldwide coverage where needed with locally admitted policies where required and ability to add locally admitted policies (where required) in more than 140 nations across the globe.
The product package includes property, auto and crime coverage, written in conjunction with the policy limits including domestic clinical trials -up to $15m in capacity for sponsors of human clinical trials and for foreign clinical trials, up to $35m combined limits.
The policy is available for sponsors of human clinical trials, biotechnology companies, pharmaceutical companies, non-implantable medical device manufacturers.
ACE offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance in 54 countries, worldwide.
Image: ACE North American Headquarters: Philadelphia, Pa. – Interior. Photo courtesy of 2014 ACE.