According to a statement by Sompo, the new product offers coverage for various life science products, such as those used in human clinical trials. It also includes products loaned or rented to others, representations and warranties made with respect to a named insured’s product, limited coverage for bodily injury and property damage occurring on premises with respect to contract research and contract manufacturing services, and errors and omissions for financial loss, including failure to provide directions or instructions.
It provides property coverage tailored to meet the specific needs of life science companies such as research animals, bio and radioactive contamination and R&D business income. Potential buyers include biotechnology companies, clinical monitoring and site management firms, clinical trials, contract research organizations, laboratories, medical device companies, pharmaceutical companies, private label and contract manufacturers, research and development facilities, and service organizations.
“We are pleased to expand our capabilities to include Sompo Life Science Plus, a comprehensive solution tailored specifically for companies in this dynamic sector,” said Michael Chang, CEO of Sompo Global Risk Solutions. “Sompo Life Science Plus combines our extensive knowledge of the life science industry with our ability to develop innovative insurance program structures to offer companies in this space an advanced risk management approach offering critical financial protection across the product supply chain.”
