Berkley Life Sciences Creates LS Prime for LS Industry |
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Written by U.S. Insurance News
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Monday, 07 July 2008 |
The life sciences community has not seen an insurance policy quite like this before.
Berkley Life Sciences recently introduced LS Prime, a primary liability policy designed to address the risks faced by life science companies, regardless of their size or needs.
LS Prime offers comprehensive, worldwide products liability, clinical trial, errors and omissions, and premises operations coverages, along with the following new features and enhancements not found in most current life science policies:
- Medical monitoring expense coverage, even without the presence of physical injury.
- Biological agents liability coverage, including cleanup costs.
- Coverage for materials and products in the care, custody, or control of the insured.
- Blanket clinical trial coverage, including that for personal injury, abuse, or molestation, and medical expenses.
- Products withdrawal expenses, including crisis management expenses.
- Affirmed punitive damages coverage, where legally allowed.
- Optional tail coverage features, including extended coverage, batch liability (batches losses to a particular policy period), and E-BERP, which extends the reporting period without the traditional back-end charge and reduces some of the traditional reporting requirements.
“The policy is comprehensive, yet scalable, so that customers purchase only the coverages they need,” commented Jill Wadlund, President of Berkley Life Sciences.
LS Prime will be issued in 48 states through Gemini Insurance Company, and in Rhode Island and Delaware through Nautilus Insurance Company.
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