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The Life Sciences Industry is unique in its specific exposures and the necessary insurance requirements. Howden Insurance Brokers, Inc.’s expert knowledge of these exposures enables us to provide specialized insurance solutions & risk management services tailored to this class of business, which includes companies engaged in the following industries:
• Medical Device Manufacturers and Distributors
• Pharmaceutical Companies (branded and generic)
• In Vitro Diagnostic Products
• Biotechnology Firms
• Nutraceutical Firms
Clinical Trials
Liability coverage is a necessity for manufacturers of medical devices or pharmaceuticals for injuries resulting from product tests on humans in clinical trials. Coverage can be purchased on a per-trial basis, or be included with a Products Liability policy. Coverage is available worldwide, and Howden can assist companies conducting trials in Europe where there are legal requirements to obtain policies through a local admitted carrier. Our insurers also offer policies that conform to “no fault compensation laws” as needed.
Products Liablity
Products Liability insurance provides coverage to manufacturers and distributors for bodily injury and property damage resulting from products sold. Howden works with a number of insurers to provide the broadest available coverage for each insured, including companies in high risk categories.
Professional Liablity
Professional Liability, also known as Errors & Omissions, coverage is available for the following Life Science-related industries:
• Clinical Research Organizations
• Manufacturers of Medical Software
It is often difficult to obtain proper coverage for the specific exposures of these companies, which may not be protected under standard Professional Liability policies. Our expertise in the Life Sciences industry enables us to evaluate the risks involved and provide the necessary coverage. Please contact us for additional information.
Ocean Cargo/International & Domestic Transit
In today’s marketplace, where precious cargo crosses the globe at a fast pace, managing it is crucial; whether it’s life-saving cancer drugs going to various trial sites or circuit boards being sent from overseas. We specialize in Worldwide Transportation Coverage for Life Sciences and Technology companies including inland transit and warehouse to warehouse coverage. We can cover all risks of direct physical loss or damage with special enhancements for these industry sectors. Enhancements include coverage for spoilage and deterioration due to delay, as well as, broader coverage for FDA or similar governmental protocols, good manufacturing protocols, and product integrity.
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Risk Management
Howden is your one source for not only all the commercial insurance needs of your firm but also your one source for all the skills and resources needed to assist you with risk management services that Life Sciences companies need in the highly regulated world of medical device manufacturing.
With well-established strategic alliances in the regulatory risk management, product liability prevention, human factors and industrial hygiene, we provide complete turnkey risk management services at whatever levels your needs may be.
We take an interdisciplinary approach to risk management, assessing risk throughout your enterprise & bringing specific services to your operating business units where they can be integrated into your processes. We reject the traditional risk management approach where an insurance company or broker has a “one size fits all” approach to risk management. Our interdisciplinary approach means that we have worked inside medical device companies and for their insurers and know what works, what doesn’t and what practices are critically important to control product liability and operational risks to achieve insurance cost control and product user and patient safety.
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