The newer version of MasterPackage solution will offer cyber protection and coverage for clinical trials among other benefits
Property and casualty insurance company Chubb has launched an enhanced version of its MasterPackage for Life Science Companies product in the UK.
The newer version of MasterPackage solution is claimed to be a comprehensive first and third-party policy for companies that develop or provide life science products, solutions and/ or services.
Complimented by a wider service proposition with support from Chubb’s multinational experience, the MasterPackage solution is claimed to be enhanced regularly to meet with the changing needs and risks faced by its life science clients.
The company will support the product with its specialist life science underwriters, claims handlers, risk engineers along with a suite of cyber support services.
The updated cyber protection has been tailored specifically for an industry, in which products and services liability has been extended to include bodily injury from a cyber attack.
Errors and omissions (E&O) also includes delay in delivery and counterfeit goods, which is in-line with Falsified Medicines Directive.
Clinical trials product cover will now start if a patient starts a trial before the retro date. The coverage will also include extended use of clinical trial products along with contingent medical malpractice cover and phlebotomy and incidental healthcare.
Chubb UK & Ireland property & casualty chief underwriting officer Mark Roberts said: “The COVID-19 pandemic has this year put Life Science companies in the spotlight as never before.
“Chubb has worked with customers in the sector for many years, developing a comprehensive knowledge and understanding of the complex and varied risks they face.
“Our newly-enhanced MasterPackage solution for Life Science Companies aims to make life easier for our customers and provides peace of mind through a tailored offering which integrates seamlessly with Chubb’s multinational service proposition and expertise.”