Foreign Clinical Trials
Conducting clinical trials is a critical precursor to marketing a product – whether it involves obtaining approval for the sale of a new product or selling an existing product in a new territory.
Before conducting clinical trials, a life science company must first obtain the approval of local ethics committees. This approval process includes a review of insurance documentation to ensure the involved parties are protected financially. In fact, many jurisdictions require specific insurance provisions by law or have local language requirements. Sometimes ethics committees go beyond those requirements.
As a Lloyd's Coverholder, Berkley Life Sciences is able to quote and issue local admitted policies in more than 40 countries around the world, on a standalone basis or as part of a Controlled Master Program.
Coupling a deep expertise in the life science industry with an extensive global reach provided by Lloyd's and Berkley-owned operations, we are able to meet the service demands of executing foreign clinical trial insurance.
The benefits of Lloyd’s Coverholder include:
- Premiums quoted, invoiced and collected in U.S. dollars
- Policies are issued for the duration of the clinical trial, eliminating the need for renewal handling
- English versions of policy wordings available for all countries
- Certificates of insurance issued in dual language unless prohibited
- U.S. producer can be paid commission on issued policies under most circumstances