Life Science & Technology Insurance

McComish Insurance employ staff with a scientific background and it was decided to also branch into this area to make use of that skill set and knowledge. In conjunction with a specialist insurer we are now able to offer a policy which is tailored made for a company operating in the life science field. The standard insurance industry commercial combined policy wording can cater for life science companies but normally has no specific enhancements and the underwriters who have written the policy are unlikely to have any specialist knowledge.

The insurer behind our facility has undertaken extensive market research and discussed cover requirements at length with industry professionals. Following those discussions a specific policy was constructed which covers;

  • Property i.e. buildings, tenants improvements, stock, computer equipment and machinery
  • Research & development operations, this includes:

    • Research & development property i.e. cultures, lab books, trial samples
    • Research & development expenditure i.e. monthly burn
    • Research & development income i.e. milestone payments
    • Committed costs to PDO's and other support organisations

  • Business interruption including income from contract research activities
  • Impairment of computer services i.e. hacking, computer virus etc
  • Public and products liability
  • Human clinical trials
  • Employers' liability
  • Errors and omissions liability

Furthermore if you are part of the BIA the policy can be extended further;

  • Contamination incident and radioactive contamination - Protects property that is susceptible to contamination from causes such as bacteria, mildew, micro-organisms, viruses (not computer virus) etc.

  • Change in controlled environment - Protects valuable property in controlled environments; i.e. cell cultures, master cell banks and trial samples; against spoilage, change in temperature or change in humidity.

  • Machinery breakdown - Covers breakdown of laboratory and production machinery such as bioreactors, cryogenic chambers, capsule filling machines, tablet pressers, blister packing machines, fluid bed dryers etc.

  • Product withdrawal expenses - Covers expenses necessarily incurred in regaining control over products if they present a substantial likelihood of causing injury to people or damage to property. This could consist of recall notices, transport, product destruction etc.

This cover list is not exhaustive. If you require something a little difference or a particular extension then the insurer is willing to work with you in providing a tailored solution to your requirement.