Munich Re Specialty-North America (MRS-NA) has expanded its insurance coverage choices with the institution of a brand new life science enterprise.
The division will cater to quite a lot of sectors inside the life science trade, together with animal well being, scientific trials, contract providers, dietary dietary supplements, medical units and prescribed drugs.
MRS-NA’s life science legal responsibility protection consists of medical product legal responsibility for product defects and compliance with scientific trials and rules.
It additionally encompasses errors and omissions (E&O) protection for monetary losses attributable to errors, omissions or negligence, in addition to premises legal responsibility for the protection of people on consumer properties.
Cyber and tech E&O protection can also be accessible to guard towards digital dangers, and medical skilled legal responsibility is obtainable for medical malpractice dangers.
The corporate stated senior vice-president James Craig will lead the enterprise, which is a part of the Healthcare group in Extra & Surplus Strains.
Craig stated: “Munich Re Specialty’s new product providing is a direct response to what we now have heard from our dealer companions searching for smarter, extra versatile coverages tailor-made to the realities of right this moment’s medical and biotech developments.”
The life science staff at MRS-NA will work with each wholesalers and retailers to supply major and extra protection throughout all 50 US states.
The brand new division is backed by the monetary stability of the Munich Re Group.
MRS-NA Extra & Surplus Strains president Liz Kramer said: “Our life science legal responsibility protection is conscious of the real-world wants of those purchasers and is aggressive within the market.
“Munich Re Specialty noticed a chance to serve this very important area of interest in addition to increase the capabilities of our healthcare portfolio.”
In April, Munich Re Specialty divested GJW Direct, a ship insurance coverage specialist, to Ripe, a UK-based insurtech firm.
