This product is offered by ACE Medical Risk, an operating division of ACE USA, which provides a wide range of liability products for clients throughout the healthcare industry worldwide.(1)
The life science industry is rapidly growing and complex, comprising many specialized scientific and technological fields. According to a 2006 PricewaterhouseCoopers LLP report on the Top Ten Business Issues for Health Industries, the cost of drug development is in excess of $800 million, with pharmaceutical manufacturers under strong pressure from stakeholders to produce positive financial results. Subsequently, the pharmaceutical industry will be focused on boosting R&D productivity and cutting costs; many drug companies will consider forming strategic alliances and joint ventures with biotech firms as a source for new products.(2)
"During this time of unprecedented change in the life sciences market, and with the rapid advances in science and technology, now more than ever it is critical to offer effective risk management and insurance solutions to our customers," said Philip Twietmeyer, Senior Vice President, ACE Medical Risk. "Providing a comprehensive package property policy as an add on to those exposures already covered by ACE's Life Sciences Products Completed Operations Policy allows us to round out our insurance program to meet the unique needs of our life sciences customers."
Key features of ACE USA's Medical Risk Commercial Package Coverage include the following:
-- Blanket real and personal property, including business income and extra expense
-- General liability
-- Personal and advertising injury
-- Inland marine
-- Boiler Machinery
-- Spoilage, contamination, and research & development costs to reconstruct clinical trials.
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 Commercial Package Policy, please call Philip Twietmeyer at (800) 223-2925 or Philip.firstname.lastname@example.org.
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.
(1) Coverage may not be available in all countries. (2) www.pwc.com/healthcare.
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.