LS Prime®
Berkley Life Sciences flagship product
Life science companies today face many new challenges – from navigating complex regulatory schemes to designing lifesaving and life-enhancing products incorporating the latest scientific and technological advancements.
Berkley Life Sciences exclusively serves the insurance needs of the life science community. For over a decade, we have stood firm as a trusted partner for life science companies seeking to innovate and grow.
Our flagship product, LS Prime®, is an essential tool carefully crafted to help life science companies intelligently manage their ever-changing risks and offers broad, seamless protection:
- Up to $15M in limits
- Products and Completed Operations Liability
- Clinical Trial Liability, including Personal Injury (PI), Advertising Injury (AI) and Abuse or Molestation
- Clinical Trial Medical Payments Stop Loss or Medical Payments Expense
- Errors and Omissions Liability
- Product Withdrawal Expense
- Product Shortage
- Medical Monitory Expense
- Cyber and Privacy Liability
- Companion package policy available to address property, general liability, worker's compensation, and other insurance needs
- A+ (Superior) by A.M. Best Company with Financial Category of XV
Whether a life science company is in the preclinical stage – or a Fortune 1000 company with numerous products on the market – our scalable insurance offering addresses the emerging issues faced by life science companies of all sizes. Contact us to learn more about how LS Prime® can help cover your life science insurance needs!
LS Prime® Advantage
A NEW ADMITTED INSURANCE SOLUTION FOR PRODUCTS, CLINICAL TRIAL, AND PROFESSIONAL LIABILITY EXPOSURE
Products Completed Operations Coverage
- Bodily injury, property damage, and medical monitoring expenses
- Coverage for mental anguish without physical injury, explant expenses, and products subject to Enforcement Discretion (not yet FDA approved)
- Punitive damages coverage - full limits where allowable by law
- Worldwide liability and defense coverage for companies selling their products in the U.S. and globally, and for service organizations working on behalf of their life science clients
Clinical Trials Liability Coverage
- Broad, blanket clinical trial coverage available, including personal and advertising injury liability, abuse and molestation liability, medical monitoring coverage, and no-fault medical expense
- Worldwide coverage territory is standard. Locally admitted policies are also available in numerous countries
Learn more about our domestic clinical trial liability insurance.
Errors & Omissions Liability Coverage for Economic Injury
- Broad definition of economic injury - negligence not required
- Designed for both medical product and service organization, including telemedicine providers
- Covers third-party recall loss by customers, including Class II and III recall expenses
- Unique coverage for customer-supplied material loss caused by manufacturing process errors
First Party Product Withdrawal for Class I Recalls
- Comprehensive expense coverage to help mitigate the risk posed when products are the subject of Class I Recalls
- Up to $1M in limits
Product Shortage Coverage
- Product Shortage Loss Liability—third party insurance that addresses damages and defense expenses associated with claims alleging bodily injury resulting from a product shortage.
- Shortage Management and Medical Monitoring Expense—first party insurance that reimburses the policyholder for expenses incurred to respond to the FDA, monitor customers’ health conditions throughout the shortage, and even locate stolen or counterfeited product.
Enhanced Cyber, Privacy and Data Protection Coverage
- Broad, comprehensive Data Security and Privacy Liability and First Party Coverage offered to address theft, loss, or unauthorized access to proprietary clinical trial and other corporate information, trade secrets, PII, and genetic information.
- Includes access to Breach Hotline staffed 24/7 by preeminent Breach Counsel.
Additional Key Features
- With “ease of doing business” in mind, LS Prime® Advantage was designed with important coverages and features automatically incorporated.
- Features may be standard insurance “checklist” items, and others are unique to the life sciences.
Watch our video for more information on key features and highlights about the Broker's Checklist.
- Automatic batching for defined critical facts - extends for seven years beyond the coverage relationship.
- Provides batch protection for insureds facing a "mass litigation risk" and other specifically defined events or circumstances.
Watch our video for more information on key features and highlights about the Batch Coverage.
- Medical Monitoring coverage automatically included for both products and clinical trial risks at full limits.
- Expanded bodily injury definition includes coverage for mental anguish without physical injury.
- First-party product withdrawal for Class I recalls available with no exclusions for "Faulty Formula," "Chemical Change," "Withdrawal of Similar Products," or "Shelf Life"
- Blanket Additional Insured by contract provision, primary/noncontributory, and waiver of subrogation clauses (where required by contract) built into the policy
- Definition of insured includes current and former employees
- Automatic, 90-day coverage of Newly Acquired Products and Organizations with the option to add via endorsement for additional coverage
- Supplemental Extended Reporting Period available for seven years
Contact us to learn more about how LS Prime® Advantage can help cover your life insurance needs.
Click here to download our LS Prime® Advantage Features and Benefits brochure
See image below to view map of approved state filings
