US-based CNA has introduced a new admitted product liability policy, which has been designed specifically for the life sciences market.
The life sciences products-work hazard policy form is said to offer broad, flexible and product liability coverage, which can be expanded to include professional and technology liability on a combined and endorsed form.
CNA underwriting vice-president Ryann Elliot said: "Often, smaller life sciences companies do not address their potential product and professional insurance needs because their product is either in the pre-clinical or clinical trial phase, or they’ve been put off by the cost of the insurance.
"Now they have an admitted option with a lower cost of entry available from a company that has served the Life Science industry insurance needs for more than 20 years."
The new product will provide up to $10m limits of liability in aggregate and is more accessible to smaller risks with minimum premiums of less than $2,500.
According to the firm, the new policy is currently available in around 30 states with filings pending in additional states.
CNA provides insurance solutions for life sciences firms, including companies, distributors and wholesalers involved in pharmaceutical and nutraceutical products, biotechnology and biosimilar products, medical devices, research, development and clinical trials for pharmaceutical drugs, biologics and medical devices.
It also offers insurance solutions for contract research organizations; and university-based medical centers and other independent facilities engaged in clinical trials.
Image: CNA’s new admitted product liability policy is more accessible to smaller risks with minimum premiums of less than $2,500. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.