Sompo International Holdings has announced that Sompo Global Risk Solutions (Sompo GRS) – a specialty provider of P&C insurance and reinsurance – is introducing a comprehensive product for the life sciences market.
The new Sompo Life Science Plus offers coverage for various life science products. These include products used in human clinical trials, 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.
The product also provides a range of property coverages designed to meet the specific needs of life science companies, such as research animals, bio, and radioactive contamination and R&D business income.
A release said that Sompo’s product is targeted at small and middle market accounts, including 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.
“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,” said Sompo GRS CEO Michael Chang.