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The Institute Of Insurance Brokers
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Ensuring the highest standards
of quality and service
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| Pharmaceutical Insurance |
 We
offer a unique range of insurance cover that will take
you through the
development stages, to product launch and then cover your
company should anything not go quite according to plan.
We are able to offer three areas of insurance to the Pharmaceutical
Industry. These being No fault compensation, Public and
product liability and Product guarantee and recall. |
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| No-Fault
Compensation ( for clinical trials and volunteer
studies) |
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YOUR
NEED FOR PROTECTION !
"Compensation should be available to patients
or healthy volunteers adversely affected by reason of
their involvement in clinical trials or volunteer studies...
through a simple procedure, ..without the need to prove
negligence. "
What the above extract from the ABPI guidelines clearly
demonstrates is that any
organization which undertakes or is contemplating
undertaking the clinical trials or volunteer studies
needs to have in place high quality no-fault compensation
cover,
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The
Ethics Committees expect it. |
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European
Legislation demands it. |
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You
need to make provision for it. |
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THE
SOLUTION FROM KLF
We have considerable experience in arranging the competitive,
flexible as clients
require in this vitally important and sensitive area.
Armed with this knowledge we |
| Studies to provide a simple straightforward
solution to your protection needs |
Studies to provide a simple straightforward solution to
your protection needs
Cover
can be tailor made to meet the circumstances of your
particular trial(s) whilst
protecting the indemnity limit provided by your existing
Public Liability arrangements
 Flexible
Compensation Limits
The level of compensation payable to the injured party,
without the requirement to prove negligence is decided
the Underwriter and an independent lawyer who is
an
expert in medical-related claims. Indemnity is
provided on a "claims made" basis up to a limit of
£5,000.000 (including costs and expenses) any one claim
and in total for the period of insurance. Higher limits
are available.
Our scheme allows for injured parties who do not accept
the compensation/arbitration procedures to make Legal
Liability claims throuah the courts in the normal manner. The
Underwriters will indemnify the settlement up to the
Indemnity Limit available
under the policy.
Worldwide availability
The scheme is available for any trial undertaken in
countries Worldwide. The insured
must satisf the Department of Health requirements and
the recommendations laid
down by the ABPi in the UK, or similar guidelines or
legislation in other countries.
Realistic Discovery Periods
Although the trial in question may last only some weeks,
it is essential that cover is
maintained as long as it is considered that the risk
of a claim is still present. In
respect of individual trials Underwriters are prepared
to provide terms, at the outset
for discovery periods of up to 24 months from the expiry
of the policy.
 Errors
& Omissions/Medical Negligence
If full No-Fault Compensation cover is not necessary,
the Underwriters of our scheme
are prepared to consider cover on a Professional Liability
basis. Indemnity to Ethics
Committees provided in respect of their Legal Liability.
COMPETITIVE
PREMIUMS
Following completion of a brief application form and
the provision of the relevant technical information
(including protocol(s)), the premium is individually
calculated
based on an assessment of the risk presented. Separate
policies can be arranged for trial, however it may be
more economic to take out cover on an annual basis to
cover
all trials undertaken.
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Products Guarantee & Recall Insurance
Why is cover required for Products Guarantee and Recall?
Your Public and Products Liability will, in all probability,
specifically exclude the financial consequences of Products
Guarantee and Recall incidents. How much
would it cost you to recall and replace some or all
of your Products? Can you afford to offer compensation
to your clients/customers should such an incident occur?
What
is Products Guarantee Insurance?
The main focus of the policy cover applies to risks
involving the failure of a product to fulfill its intended
function, otherwise known as the "efficacy risk",
What
is the scope of cover?
Cover is available for the cost of recovering, reworking
or replacing, products which have failed to perform
their intended function due to faulty design, manufacture
and
installation, following handover to the customer.
Cover
is also provided for advice, design and consultancy
liability, if these services
have been directly provided in connection with:
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Supply
of products |
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Failure of products |
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Work
of a tangible nature |
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Can
Financial Loss be included and what cover is available?
Financial Loss can be included. Cover is provided for
Third Parties who suffer
financial loss as a direct consequence of a product failing
to perform.
What is Products Recall insurance?
In certain circumstances, if a product/products were not
recalled, their continued use
or consumption might result in your incurring a legal
liability. The type of policy
provides protection against costs incurred in recalling
products.
What is covered?
Cost of recalling or withdrawing products. For example,
consultants fees, advertising |
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cost
of destroying recalled products. |
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cost
of examination, replacement or reworking of recalled
products. |
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cost
of rehabilitating the product to re-establish reputation. |
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Are
there any extensions to cover available?
Yes - Cover for Malicious Product Tamper, Product Extortion
and Loss of Profits may
also be provided.
Public & Products Liability (for
the Pharmaceutical and Related Industries)
A SCHEME THAT HAS WITHSTOOD THE TEST OF
TIME!
For more than twenty years, we have been placing cover
under our exclusive scheme
for a class of business which has been notoriously difficult
to secure in the open
market.
Against a background which has seen insurers moving into
and out of the market,
leaving clients and brokers alike wondering where to turn
next, our Liability Scheme
has been constantly available at a consistent level of
rating. And, in contrast with
other facilities the cover under our scheme has expanded
rather than contracted.
Cover can be arranged for any company operating in the
following sectors and
domiciled in the UK or anywhere in the World.
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Pharmaceutical
manufacturers and distributors. |
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Medical
Devices. |
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Cosmetics |
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Veterinary
goods |
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Chemicals |
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Biotechnology |
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Health
foods |
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Research
Centres. |
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Test
your existing arrangements
'If you operate in any of these sectors, we invite you
to test your existing arrangements
against our facility.
| Key
Features of the Scheme |
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Full
Public and Products Liability |
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Liability
arising out of defective formula advice and design |
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Incorrect
labelling or packaging |
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Worldwide
jurisdiction |
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Products
liability written on a "claims made" basis |
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Public
Liability written on a "losses occurring"
basis |
Flexible
Indemnity Limits
Up to £5,000,000 automatically, with higher limits
on request.
| Extensions
for "Tailor Made" Cover |
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Clinical
Trials can be included subject to sight of the trial
protocol and numbers of persons involved |
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Contractual
Liability - on submission of the relevant contracts. |
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Financial
Loss |
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Employers
Liability |
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Products
Recall |
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Products
Guarantee |
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Cyber'
Liability |
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Please
click here to open our application form. It is in
PDF format. You can then print the form off and
send it to us by mail.