Insuring the future.

Call us today.  Ph: 1300 310 467

Biotech Insurance / Life Science Insurance

Mercantile is a market leader in this very unique but important industry. Widely regarded as one of the most complicated and risk exposed to a broker that is not comfortable or experienced in the area, it is important you engage a brokerage that has experience and understanding of your operations otherwise key covers will be missed. A significant issue seen by our brokers when advising on existing policies clients may already have is where brokers have not adequately explained to clients the significant differences between insurers and their respective policies. Life science specific wordings can differ very considerably in how they address or do not address certain key areas of risk including personal injury, vicarious medical malpractice and errors and omission financial loss. Finally there is the considerations around USA coverage and the exposures of contract indemnities. This is not a area of insurance for the unsure or inexperienced which is why its worth contact Mercantile for a review and quotation tender for your insurance programme. 

Industries

Medical Product Manufacture or Import/Export

Pharmaceutical Manufacture or Import/Export

Clinical Trials Local or Globally

Clinical Research Organisations

Contract Drug Manufacturing

Biological Engineering

Medical Technology

Nutraceuticals

Drug Logistics

Medical Equipment Manufacture / Wholesale/ Import / Export 

Laboratories

Drug Discovery

Alternative Medicines

Biotechnology Research and Development

Cosmetics

Veterinary Medicines

Covers

Life Science Insurance:

Personal Injury & Property Damage Liability

Errors & Omissions (pure financial loss from advice or service)

Clinical Trial Liability incl no fault compensation guidelines

Product Recall

Products Liability incl personal injury

USA Coverage

Non payment

IP & Privacy

Medical Malpractice

Product Errors and Omissions

Contractual Liability

Management Liability incl D&O

Cyber Liability

Property Insurance

Marine Transit

Machinery Breakdown incl Spoilage to drugs

Claims Examples

  1. A company provides advice or services to a drug sponsor that is found to have been an error or omission that caused a clinical trial to be rerun. Loss: Direct costs resulting from the error including cost of rerunning a very expensive trial. 
  2. A clinical trial is not run to the protocols or consent forms and participants are injured as a result. Claims are made for compensation under no fault negligence compensation guidelines.
  3. Drugs you are storing in your warehouse are incorrectly labelled or recorded in your system and are delivered to the wrong customers causing injury or financial loss.  

Call us today.  Ph: 1300 310 467