OneBeacon Technology Insurance has introduced a new protocol-based clinical trials product in North America.
The new life of the clinical trial product is said to extend clinical trials coverage through the firm’s products-completed operations policy form for the duration of each protocol period.
OneBeacon Technology vice-president Todd Lauer said: "Our European counterparts have been offering similar coverage for many years, so there is extensive experience using this approach.
"Our medical technology specialists, in partnership with RT Specialty’s life sciences team, believe this innovation addresses a significant gap for this customer group."
OneBeacon is exclusively providing the new clinical trials product through R-T Specialty, allowing clinical trial insureds to secure coverage for the complete protocol period, instead of through sequential 12-month policies.
The policy is being written on a nonadmitted basis with a $5m maximum coverage limit.
OneBeacon also provides medical technology risk control and claims services for its customers.