Specialist insurer Markel UK has extended the range of its biomedical and life sciences products to the fast-growing food supplement and cosmetic markets.
The product will now cover businesses that manufacture, distribute and supply products such as vitamins, minerals, food supplements, medical foods, weight management formulas and herbal products. It will also cover a whole variety of cosmetic products ranging from everyday hygiene products, such as cleansers, to beauty products such as lotions, creams and make-up.
Markel’s biomedical and life sciences policy offers a wide range of protection including public and products liability, professional liability, products financial loss, employers’ liability, property damage and business interruption, directors’ and officers’, entity and transit. Product liability cover includes failure to perform, which is particularly important for these types of risks.
Markel has been underwriting businesses within these sectors in its US and Canadian operations for over a decade, so are well placed to understand the potential exposures that are involved.
Simon Webster, product line manager, life sciences, said: “We are delighted to be able to provide specialist cover for a broad range of companies operating in the UK including some micro and start-up businesses paying premiums as little as £250 through to those larger risks with premiums in excess of £50,000.
“This growing sector provides us with a variety of exposures which require bespoke underwriting”.