Zurich North America, a leading provider of insurance solutions, has announced the launch of its new Primary Products Liability coverage.
This addition aims to address the unique risks faced by life sciences companies, particularly those involved in pharmaceutical, medtech, and research and development (R&D) sectors.
The introduction of this new product is driven by the need to support life sciences companies in their efforts to innovate and improve human health. These companies often navigate complex and unique risks as they create cutting-edge products and services in the healthcare market.
Zurich North America offers a comprehensive range of insurance solutions tailored to various industries. With a strong global presence and financial stability, Zurich North America is well-equipped to support companies with operations both domestically and internationally.
The new Primary Products Liability coverage provides significant capacity—up to $10m for qualified customers—and is designed primarily for life sciences companies involved in R&D (both pre-clinical and clinical stages), pharmaceuticals and biologics, medtech and medical devices, contract manufacturing organisations (CMOs), contract research organisations (CROs), and wholesale and distribution.
This product addresses four main coverage needs: products-completed operations liability (PCO), errors and omissions (E&O), professional services liability (PSL), and clinical trials.
The coverage offers flexible options such as worldwide territory built into the form, a broad list of automatic additional insureds, extended reporting periods for specific exposures, and other customisable options.
Zurich North America’s dedicated Life Sciences underwriters, who are attuned to the complexities and regulatory compliance issues in this sector, will underwrite the new Primary Products Liability coverage. This ensures that the coverage is appropriately structured to meet the specific needs of life sciences companies.
Linda Schultz, head of life sciences for U.S. Middle Market at Zurich North America, said, “Life Sciences is a growing sector of the economy, and we are excited to offer a Primary Products Liability coverage that can be customised to a wide range of risks. This offering is backed by the advanced knowledge and experience of our dedicated Life Sciences underwriting team as well as risk engineering and claims specialists, allowing brokers who work with us to be confident in our ability to appropriately structure whole-account solutions and service these clients’ needs.”
Submissions for the new Primary Products Liability coverage are being accepted for policy effective dates starting July 15.
Head of U.S. Middle Market Alex Wells, stated, “Life Sciences companies navigate complex and unique risks as they create cutting-edge products and services in the healthcare market. Our new Primary Products Liability offering is an essential, customisable coverage that can help support life sciences companies’ efforts to innovate and enhance quality of life for people. This solution is backed by Zurich’s financial strength, ability to grow with these companies and our global footprint, which is key for many of these companies with operations overseas.”
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