The Health, Nutrition, and Lifestyle team at Admiral has recently added Phase I and Phase II clinical trial coverage to its liability insurance offerings. The coverage is aimed at businesses that have established sales, but need coverage for incidental human clinical trial exposure that comes from testing new products.
Industries that are experiencing rapid growth, such as the CBD and nutritional supplement industries, find it important for companies to continuously innovate and test new products so they can grow their businesses. By covering bodily injury or property damage related to products going through the trial phase, Admiral’s clinical trial coverage fills the potential gap in the liability exposure of our current policyholders.
Evaluating Liability Exposure Factors for Clinical Trials
The study’s protocol and informed consent are critical when assessing liability. The underwriter will consider the trial's objectives, risks and safety controls being implemented, trial methodology, participant pool, and of course, the products being tested.
It is important that the protocol and informed consent address and confirm the following as it relates to patient safety and data integrity:
The types of health, nutrition, and lifestyle products covered include:
Related: Product Liability Coverage for Medical Device Manufacturers
Our dedicated national underwriting team at Admiral has exceptional expertise in health, nutrition, and lifestyle products. Not only do we understand the risk exposures, and know what to look for when helping brokers write coverage are able to provide a now even-fuller range of insurance solutions in addition to product liability insurance.
If you are a wholesale broker in need of an insurance partner with deep expertise in the health, nutrition, and lifestyle industry, contact us to become an appointed broker. If you are a retail insurance broker with clients that include CBD and cannabis product manufacturers, nutraceutical manufacturers, or medical device manufacturers, we urge you to connect with one of our wholesale partners.
Products and services described above are provided through various surplus lines insurance company subsidiaries of W. R. Berkley Corporation and offered through licensed surplus lines brokers. Not all products and services may be available in all jurisdictions, and the coverage provided by any insurer is subject to the actual terms and conditions of the policies issued. Surplus lines insurance carriers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.