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Sompo International Holdings Ltd. said its global risk solutions unit has introduced Sompo Life Science Plus errors and omissions liability protection for the life sciences industry.
The product by the Pembroke, Bermuda-based insurer offers coverage for life science products such as those 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 E&O for financial loss, including failure to provide directions or instructions, Sompo said in a statement Thursday.
It also offers property coverages for the specific needs of life science companies such as research animals, bio and radioactive contamination and R&D research and development business income, the statement said.
Limits are available up to $10 million, based on risk, product liability and clinical trial liability, according to a product sheet.
Property capacity is available up to $500 million for all other perils and $25 million for catastrophes, it said.
The product targets 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, the statement said.
Sompo Global Risk Solutions will offer specialized property and liability protection to U.S. banks and lending institutions for their mortgage loan portfolios, parent Sompo International Holdings Ltd., a Bermuda-based specialty provider of property/casualty insurance and reinsurance, said in a statement Tuesday.