Chubb Group of Insurance Companies has introduced new errors and omissions (E&O) and general liability insurance policies to help address the complex and unique risks faced by life sciences companies.

Chubb said that its general liability policy, extended general liability for life sciences, offers three enhanced coverage triggers that extend the period when injury or damage can occur, in order to address the complex sequence of events and potentially long time frames between when a product is developed and when an insurance claim is filed.

The extended general liability policy also includes new features such as time-element pollution insurance, ‘blanket’ additional insured status where required by contract, broadened clinical trial provisions and scalable medical expense limits.

According to the insurer, the policy limits are structured so that clients can purchase a single policy that provides both premises and products liability coverages that are usually bought separately by these companies.

In addition, several optional endorsements are available to customize coverage and help manage costs, including one that responds to successor liability issues associated with mergers and acquisitions.

Chubb’s INTegrity+ is a claims-made E&O policy which comes with endorsements and language tailored to the needs of life sciences companies.

Chubb vice president and life sciences casualty manager Stephen Harris said that Chubb’s new extended general liability policy helps customers know how their policy will address complex claims situations, such as when hundreds of patients who took a contaminated drug subsequently become sick during different policy periods.

"The new policies also include leading-edge endorsements that enable policyholders to customize their insurance program to suit their coverage and cost needs," Harris said.