LONDON, Dec. 8, 2020 /PRNewswire/ -- Chubb today announced the launch of its enhanced MasterPackage for Life Science Companies product in the UK. This is a comprehensive first and third-party policy designed for companies which develop or provide life science products, solutions or services.
The product is complimented by a wider service proposition backed by Chubb's multinational expertise which also includes specialist Life Science underwriters, claims handlers, risk engineers and a suite of cyber support services.
Chubb's MasterPackage for Life Science Companies solution is regularly enhanced to keep pace with the needs and changing risks faced by Life Science clients.
This latest update includes cyber protection specifically tailored for the industry with, for example, Products and Services liability extended to include bodily injury from a cyber attack. Errors and Omissions (E&O) also includes Delay in delivery and Counterfeit Goods, in line with the Falsified Medicines Directive.
Clinical trials product cover now begins if a patient starts a trial before the retro date. Coverage also includes Extended (compassionate use) of clinical trial products, plus Contingent Medical Malpractice cover and Phlebotomy and Incidental Healthcare.
Chubb's MasterPackage for Life Science Companies solution is targeted at SME and Middle Market businesses. Each client can benefit from working with a single insurer and underwriter offering them a straightforward product with clear policy language. It also enables seamless claims handling because all product lines can be underwritten by the same carrier.
In addition, it can be purchased as a complete package or as a customised solution to respond to the client's specific business and insurance-buying requirements.
Mark Roberts, P&C Chief Underwriting Officer, UK & Ireland, Chubb said:
"The COVID-19 pandemic has this year put Life Science companies in the spotlight as never before. Chubb has worked with customers in the sector for many years, developing a comprehensive knowledge and understanding of the complex and varied risks they face. Our newly-enhanced MasterPackage solution for Life Science Companies aims to make life easier for our customers and provides peace of mind through a tailored offering which integrates seamlessly with Chubb's multinational service proposition and expertise."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide. Additional information can be found at: www.chubb.com