Markel launches combined policy
Markel UK, the specialist insurer, has further developed the biomedical and life sciences liability product that it launched in November last year.
Its new combined policy adds specialist property damage and business interruption covers and is designed to meet the specific needs of the rapidly growing UK biomedical and life sciences sector.
The policy is designed for businesses across the pharmaceutical, biotechnology, medical device, dietary supplement, medical food, laboratory instruments and equipment industries.
New coverage includes research and development protection, contamination and deviation in controlled environments within the property damage and business interruption sections. The existing protection offered for liability exposures includes injury, financial loss, clinical trials, employers’ liability, entity defence and directors’ and officers’ liability.
Simon Webster, product manager, said: “Our policy offers highly specialised cover for the specific risks faced by organisations within this sector and now with both liability and property sections brokers will be able to cater for the full range of risks on a single policy.”
Simon Fell, divisional managing director of Markel’s UK retail division, said: “Biomedical and life sciences companies are not limited to those high profile pharmaceutical giants such as Pfizer and GSK. We see the driving force behind the growth of this sector being SMEs that design, develop, manufacture and distribute products. Markel has a long term commitment to the sector and we look forward to supporting our brokers in the development of biomedical and life science business.”
