The product is complemented by a wider service proposition backed by Chubb’s multinational expertise which also includes specialist life science underwriters, claims handlers, risk engineers and a suite of cyber support services.
This latest update includes cyber protection specifically tailored for the industry with, for example, products and services liability extended to include bodily injury from a cyber attack. Errors and omissions (E&O) also includes delay in delivery and counterfeit goods.
Clinical trials product cover now begins if a patient starts a trial before the retro date. Coverage also includes extended (compassionate use) of clinical trial products, plus contingent medical malpractice cover and phlebotomy and incidental healthcare.
Chubb’s MasterPackage for Life Science Companies solution is targeted at SME and Middle Market businesses. Each client can benefit from working with a single insurer and underwriter offering them a straightforward product with clear policy language. It also enables seamless claims handling because all product lines can be underwritten by the same carrier.
In addition, it can be purchased as a complete package or as a customized solution to respond to the client’s specific business and insurance-buying requirements.
“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,” said Mark Roberts, P/C chief underwriting officer, UK & Ireland, Chubb.
“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,” he added.
Source: Insurance Journal
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