This is an innovative insurance product. Underwritten by Underwriters at Lloyd's, it allows companies in the R&D chain to cover their unique risk exposures within the context of their business and funding models.
Damage to R&D Property
Traditional "fire & perils" policies only cover part of the potential for damage to R&D Property. This product goes much further, providing cover:
- At premises throughout the supply chain and whilst in transit
- With a wide definition of "stock" including documents and electronic data
- For damage or spoilage resulting from power outage, equipment breakdown, contamination and ideologically motivated attack
- For full stock recreation costs, including those attached to repeating completed R&D
- For undamaged property when condemned by a competent authority
Flexible First Loss Business Interruption Cover
We recognize the importance of reaching milestones within budget. R&D expenditures tend to ramp up in the approach to significant events such as clinical trials. With that in mind, this product provides flexible and comprehensive Business Interruption cover. Benefits include:
- Disruption due to damage at supply chain premises, even if there is no damage to the insured's property
- Loss or damage to stock in transit
- A first loss sum insured that can compensate for lost revenue, unproductive R&D expenditure, committed costs and project delay costs without sub-limit
- No weekly sub-limit
Liability to Third Parties
This product also provides broad specialist liability cove including:
- Product and services liability covering third-party property damage, bodily injury and financial loss on a seamless basis, ensuring no gaps or overlaps
- Clear, unambiguous cover for breach of a client contract
- Clinical trial insurance available for single trials, or on an annual, multi-trial basis with the cover limit separate from, or aggregated with, product and services liability
- Comprehensive general liability, including pollution and contamination, tenants' legal liability, employee benefits liability, non-owned and hired auto and medical expenses
- Cover for suits brought anywhere in the world as standard
A fully completed application is required for quotation.
For new submissions, please contact us toll-free at 1-888-868-8367, or email triage@tottengroup.com.