Political risk insurance for life science firms offered

Berkley Life Sciences, a W.R. Berkley Co. unit, has launched coverage designed to address life science exposures faced by customers with assets or operations overseas.

Most property insurance policies do not provide protection from the financial impact of government actions like confiscation, expropriation and nationalization of assets, or from currency inconvertibility or political violence, Ewing, New Jersey-based Berkley said Tuesday in a statement.

The coverage includes traditional political risks, such as confiscation and political violence, but also includes life science-specific perils like delayed access and wastage of perishable material.