7 February 2020News

Sompo unveils liability protection for life sciences companies

Sompo Global Risk Solutions (SGRS), part of Sompo International, has unveiled Sompo Life Science Plus (SLSP), a products-completed operations, errors and omission liability protection product built for the life sciences industry.

SLSP offers coverage for various life science products, including: products 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 errors and omissions for financial loss, including failure to provide directions or instructions.

It also offers property coverages tailored to meet the specific needs of life science companies such as research animals, bio and radioactive contamination and research and development business income.

SLSP targets small and middle market accounts involved in this sector, whether they are biotechnology companies, clinical monitoring and site management firms, laboratories or pharmaceutical companies.

Michael Chang, CEO of SGRS, said: “At SGRS we understand that product development lies at the heart of the life sciences industry.” SLSP combines Sompo’s industry expertise with its ability to develop innovative insurance structures, he added.