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Marsh L.L.C. said Wednesday that it has joined with Munich Reinsurance Co. to launch NDBI Pharma IQ, a nondamage business interruption insurance solution for life sciences companies.
NDBI Pharma IQ is insurance for interruptions caused by the U.S. Food and Drug Administration regulation enforcement. The insurance combines risk transfer and consulting services to assist life sciences companies. It covers costs not covered by typical business interruption insurance, costs that are not the result of physical damage, Marsh said in a statement.
Life sciences companies that have to suspend their manufacturing and distribution due to a (current good manufacturing practice) violation are offered up to $10 million in aggregate nondamage business interruption and extra expense coverage for up to 10 manufacturing locations, including third-party-owned locations, according to the statement.
“A regulatory action that ultimately leads to an enforced suspension of manufacturing and distribution can cost life sciences company millions of dollars in remediation, reputational damage, and lost income,” said Doug Carey, Marsh’s U.S. Life Sciences Practice leader said in the statement. “With NDBA Pharma IQ, these companies now have a cost-effective way to better assess and measure these risks and lessen the financial impact of a regulatory action so they can more quickly return to normal operations.”
Mark McGivney has been appointed chief financial officer of Marsh & McLennan Cos. Inc., Marsh & McLennan announced Thursday.