The ACE Medical Risk Foreign Clinical Trial Coverage product will offer up to $25 million in combined limits under a single program for U.S.-based biotechnology, specialty pharmaceutical and non-invasive medical device companies.
In an effort to reduce the time and cost spent in bringing new drugs to market, now more than ever, U.S.-based life science companies are conducting clinical trials overseas. Recent studies have shown that recruiting volunteers is easier in Europe than in the United States. As further demonstration, in Europe, 82 percent of clinical trials miss their enrollment deadlines, compared to 94 percent in the United States, according to a 2004 Thomson CenterWatch survey of European investigative sites and a 2003 survey of U.S. sites.(1)
"As part of the ACE Group of Companies, a leader in providing global solutions with a powerful international network, our team of insurance professionals with specialized knowledge of the global medical risk market can coordinate the placement of locally-admitted policies as well as superior claims-handling with our overseas offices effectively and efficiently," said Lee Farrow, Senior Vice President, ACE Medical Risk. "Given the growing trend for life sciences companies to conduct clinical trials overseas, it is even more critical to respond to these unique risk management challenges."
Key features of ACE USA's Foreign Clinical Trial Coverage include the following:
-- Worldwide Coverage
-- Worldwide Operating Network
-- Locally-Admitted Policies, where required
-- Certificates of Insurance
-- Claims Coordination Through ACE's Worldwide Network
The above is only a summary; please see the actual policies for terms and conditions. To review additional features and check submission requirements, please visit: www.acemedicalrisk.com or www.ace-ina.com. For more information about ACE Medical Risk's Foreign Clinical Trial coverage, please call Lee Farrow at (646) 458-6969.
ACE Medical Risk's product offerings include primary and excess medical professional liability for hospitals, long-term care and miscellaneous healthcare facilities, as well as a comprehensive package policy for long-term care including property, auto, crime, and boiler and machinery coverages. In addition, ACE Medical Risk offers products liability for clinical trials, biotechnology and specialty pharmaceutical companies.
The above is a product summary only. For actual terms and conditions, please refer to the policy. Coverage may not be available in all states, or in all countries, and surplus lines products are only available through licensed surplus lines brokers.
ACE USA is the U.S.-based retail operating division of the ACE Group of Companies, headed by ACE Limited (NYSE: ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor's. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.
(1)Thomson CenterWatch Survey. www.centerwatch.com 2004.