The Navigators Group, a US-based insurance company focusing on specialty products within the overall property/casualty insurance market, said that its underwriting agency subsidiary, Navigators Management Company, has launched a new life sciences research related liability coverage.
According to Navigators, the new life sciences research related liability coverage is a combined products-completed operations and errors & omissions liability insurance product and was created for contract research organizations (CROs).
The company said that the new professional liability coverage is designed for eligible CROs who work with biologics, pharmaceutical and medical device development companies on an annual or project length policy with a capacity of up to $10m.
Lyn Rossano, senior vice president and global practice leader for life sciences at Navigators, said: “Despite the economic recession, the CRO industry has been on the rise in the life sciences sector. It’s critical that CROs meet this rising demand without exposing themselves to costly professional liability, which is why we provide this tailored product.”