Berkley Life Sciences has launched political risk insurance for life science companies for exposures experienced by customers with overseas assets or operations.
All sizes of life science companies are increasingly exposed to political risk as they produce or distribute products and acquire key ingredients or components, as well as conduct research and development activities globally.
The new product provides traditional political risk protection such as coverage for confiscation and political violence.
It will also address the life science specific perils of delayed access and wastage of perishable material.
Delayed access coverage is said to protect an insured when foreign government action prevents a company from meeting delivery requirements or satisfying contractual obligations.
Berkley Life Sciences president Jill Wadlund said: "We are pleased to introduce political risk insurance to address the perils of wastage and delay, critical coverage not addressed by the insurance market to date.
"This new coverage fills an unmet need for life science firms concerned with political volatility."
Berkley Life Sciences is a member company of W. R. Berkley, which offers insurance solutions life science industry.
The company provides coverages, including products and clinical trial liability, commercial general liability, professional liability, management liability, excess and umbrella.
It also offers commercial package, inland marine, automobile, worker’s compensation and now political risk.
Image: Berkley has developed new political risk insurance product for life science companies. Photo: courtesy of renjith krishnan / FreeDigitalPhotos.net.