Interest in health and nutrition-related products is on the rise, making nutraceuticals an exciting and emerging industry. But just like any company that manufactures or distributes products, nutraceutical companies are exposed to a range of risks, from products causing bodily injury to products being recalled for various reasons.
The manufacture and sale of medical devices is a huge responsibility with companies facing a complex set of risks such as injury to a user due to defective design or mislabelling of the product, or perhaps the potential for patent litigation.
Life science organisations face a variety of exposures throughout the lifecycle of their business, from research and development, to trials, to the manufacture and sale of their products.
These include developing their own drug or technology, selling a product to be used in R&D or providing a service to companies requiring assistance in the development of their product.
We have access to bespoke policies that offer tailored cover for the complex risks faced by organisations who import, develop or manufacture devices, drugs or supplements, including the following areas.
Environmental conditions can cause unexpected damage to stock. Policies can cover remanufacturing the stock in the event of damage as well as subsequent business interruption for lost R&D expenditure and contractually committed costs.
During development, stock may frequently be moved between an insureds site and that of its supply chain partners. We can arrange cover for stock at fixed locations and whilst in transit for both material damage and business interruption.
We can arrange flexible first loss cover, which means our policy responds to the first insurable interruption up to the full limit, so you only have to purchase one limit.
We can arrange cover for costs associated with an unintentional breach of contract, or an accidental or negligent act or omission from the providing of services.
A patent defence extension can cover the costs associated with defending your position.
Protection includes cover for accidental bodily injury and property damage arising out of any material, finished drug product, laboratory consumable or equipment used for research purposes.
Non-product or service-related bodily Injury and property damage is key to any business. Cover can protect you against legal expenses and compensation claims made by third parties.
Clinical trials are one of the most important phases in R&D. Should a research subject be injured, our policy will compensate them on a no-fault compensation basis per local statutory guidelines.
Policy coverage includes protection against damages following an unintentional breach of confidential information, including costs incurred should you unintentionally reveal personal data or suffer a first party financial loss should systems be compromised.
The safety of products is central to the long-term success of any business, but products can be unintentionally compromised. We can organise cover for product recall costs arising from safety critical errors made during production, or where a government authority has ordered or suggests a product be recalled from market.
Cover for recall costs following malicious tampering or alteration by an employee that has or is expected to cause a bodily injury, as well as bodily injury that may result from a cyber-attack. Cover is also provided for the reasonable sums you may incur as a result of product extortion demands made as part of a threat to tamper with your products, wherever they are in the supply chain.
Worldwide jurisdiction available and commonly as standard.
Premiums start from just £275, so talk to us today.
Coronavirus (Covid-19) – Update for Towergate customers
During the COVID-19 Coronavirus crisis, we want to reassure our customers and partners that we are following UK Government guidance,
and as a result our national offices are closed to both safeguard the health of our employees and our ability to look after our valued clients.
Where possible, our employees are working from home and we are still fully able to support with renewals, new cover requirements and
claims guidance and support. This includes giving our colleagues the ability to work from home or alternative locations,
which we hope will limit the disruption and enable you to speak to us for advice and support should you need it.