Sompo Global Risk Solutions launches product for the life sciences industry

Sompo Global Risk Solutions, part of Bermuda-based P&C re/insurer Sompo International Holdings, has introduced Sompo Life Science Plus, a products-completed operations and errors and omission liability protection product built for the life sciences industry.

This new, comprehensive product offers coverage for various life science products, including products used in human clinical trials, products loaned or rented to others, representations and warranties made with respect to a named insured’s product, limited coverage for bodily injury and property damage occurring on premises with respect to contract research and contract manufacturing services, and errors and omissions for financial loss, including failure to provide directions or instructions.

Sompo Life Science Plus also offers a broad array of property coverages tailored to meet the specific needs of life science companies such as research animals, bio and radioactive contamination and R&D business income. The product targets small and middle market accounts, including biotechnology companies, clinical monitoring and site management firms, clinical trials, contract research organisations, laboratories, medical device companies, pharmaceutical companies, private label and contract manufacturers, research and development facilities and service organizations.

Michael Chang, CEO of Sompo Global Risk Solutions, said: “At Sompo Global Risk Solutions, we understand that product development lies at the heart of the life sciences industry. We are pleased to expand our capabilities to include Sompo Life Science Plus, a comprehensive solution tailored specifically for companies in this dynamic sector. Sompo Life Science Plus combines our extensive knowledge of the life science industry with our ability to develop innovative insurance program structures to offer companies in this space an advanced risk management approach offering critical financial protection across the product supply chain.”

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