Premises and Ongoing Operations Coverage responds to claims made against you by people injured at your business location or while your employees are working onsite. Examples can include:
- A customer slips and falls in your snowy parking lot or a recently mopped hallway.
- Your employee, while working at a customer location, leaves a heavy tool bag in a walkway. An employee of your customer, wearing open-toed shoes, kicks it while walking and breaks a toe.
Costs from such claims can include medical bills, defense in the event that you are sued, and judgments or settlements.
Buildings and personal property are critical to a life science company’s ongoing operations. Any damage to buildings, equipment, stock or valuable papers, or interruption of research and development activities, could be devastating. LS Prime’s® property insurance is designed to address a wide spectrum of property and income loss scenarios.
Risks could range from the commonplace to industry-specific, including:
- Loss (including spoilage) of property due to change in the controlled environment in which such property is stored
- Loss of research materials that can be challenging to value and recreate
- Production operations which are highly susceptible to contamination
- Financial exposure stemming from validation and compliance requirements following a loss
- Political risks for life science companies with overseas exposures including wastage, delay, confiscation and political violence
LS Prime® Property Specific Solutions:
- Automatic property and time element basket limits which provide policyholders the flexibility of customizing coverages to address their particular exposures
- Expanded definition of “contamination” by not limiting a biological contaminant to a “living organism” and not requiring the loss to be “sudden”
- Broad definition of “change in environmental control” to address environmental changes - such as those caused by exposure to light
- “Electronic data processing property” coverage is not sub-limited
LS Prime® Political Risk
Life science companies are increasingly exposed to political risk as they manufacture or distribute products or conduct research and development overseas. Political risk insurance for life science companies is essential coverage to address exposures whether it is to protect the continuity of a clinical trial or to ensure that perishable products reach their destinations in time and intact.
Commercial Auto Insurance
Whether you own or lease a fleet of vehicles, rent vehicles while traveling, or your employees occasionally use their own cars for work, automobile insurance is a critical part of any commercial insurance program. In addition to each state having mandatory minimum financial responsibility laws, automobile accidents can result in significant liability for a company, either through bodily injury or property damage claims.
Selecting appropriate limits and coverages is an important decision when crafting your risk management program to protect the assets of your company. LS Prime® can be scaled to meet your automobile insurance needs.
Basic coverages include:
- Property damage for your vehicle
- Bodily injury and property damage liability
- Personal injury protection
- Uninsured motorist coverage (optional, depending on state laws)
Key coverage endorsements of our commercial insurance program include:
- Blanket additional insured - lessor
- Employees as insureds
- Fellow employee coverage
- Employee hired autos
- Rental car reimbursement
Liability claims resulting in multi-million dollar verdicts against life science companies are not unusual. LS Prime® can add an additional layer of protection to your liability insurance program or help you meet contractual obligations to maintain specified limits of insurance for coverages such as General Liability, Employer’s Liability and Automobile Liability.
LS Prime® offers standard Fidelity coverage and limits on the commercial package with the option to purchase additional limits and expanded coverage via our sister company Berkley Crime.
Standard coverages available through Berkley Life Sciences include:
- Employee theft
- Forgery or alteration
- Inside and outside the premises – theft of money and securities
- Inside the premises – robbery or safe burglary of other property
- Computer and funds transfer fraud
- Money orders and counterfeit money
- Fraudulent impersonation
- For insureds requiring a more expanded program, your Berkley Life Sciences representative can assist in accessing Berkley Crime for a quote.
Products available include:
- Commercial/Governmental Crime
- ERISA Fiduciary Dishonesty
- Financial Institutions
- Investment Company
- Kidnap, Ransom and Extortion