Whitehouse Station, NJ (Apr. 7, 2017) – Chubb has expanded its global clinical trial liability insurance coverage for institutional research organizations such as hospitals and medical centers, universities and colleges, research institutes, patient/disease advocacy organizations and physician practices, which represent a growing sector of organizations facing risks associated with managing clinical trials. Historically, Chubb has provided clinical trial coverage for institutional research organizations through its Healthcare Industry Practice. As these nontraditional research organizations have expanded, comprehensive standalone clinical trial insurance for their domestic and foreign clinical trials can be secured through Chubb’s dedicated Life Sciences Industry Practice, which provides specialized insurance and risk management solutions including products liability coverage exclusively to this industry.
“Traditional life sciences organizations such as pharmaceutical, biotechnology and medical device firms are not the only organizations exposed to clinical trial risks. Institutional research organizations are exposed to many of the same risks, including significant product liability claims, as well as problems related to inadequate insurance coverage, all of which can lead to trial delays and costly setbacks,” said Stephen Harris, Senior Vice President, Chubb Life Sciences. “At Chubb, we recognize the world of clinical trials is evolving. To continue meeting our customers’ needs, we have expanded the availability of our clinical trial products and services to help non-commercial enterprises manage the complex risks that come with trial activities.”
Chubb Clinical Trial products and services include:
- Coverage limits up to $20M;
- Worldwide coverage, with locally admitted policies where required;
- Industry-leading global certificate of insurance issuance capability, minimizing the potential for costly delays;
- Specialized clinical trial knowledge, underwriting expertise and risk engineering capabilities;
- Claims coordination through Chubb’s worldwide network.
For more than 25 years, Chubb has been a leader in offering state-of-the-art property and casualty insurance protection to life sciences companies, and agents and brokers can access the Life Sciences Industry Practice throughout Chubb’s 48 North American branches. Visit chubb.com to learn more.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit chubb.com/ca.