Medmarc Offers a New Approach to Clinical Trial and Products Liability Protection

CHANTILLY, Va., April 7 /PRNewswire/ -- Medmarc announced today that it has developed a new approach to clinical trial and products liability protection.  It is now offering clinical trial-stage companies and emerging growth enterprises claims-made products liability protection at a new lower fixed annual cost.  

The minimum premium for policies offered to these companies has been reduced up to 30% and they contain no audit provisions.  In addition, the extended reporting provision (tail) available to clinical trial stage companies contains a one year period at no cost, a maximum charge of only 100% of the policy premium, and a waiver of the self-insured-retention (SIR).

Medmarc's policy also includes:

• Blanket clinical trials and compassionate use coverage -- no need to schedule approved and pending clinical trials, nor wait for a human study to be approved by an underwriter during the policy period.
• Coverage of medical expenses of clinical trial test subjects regardless of fault at no charge.  The limit of protection is $10,000 for each test subject.
• Extended reporting period (tail) protection up to 6 years and 90 days.
• True worldwide protection.
• A broad grant of additional insured status including:
  • Medical staff members
  • Contract or clinical research organizations
  • Clinical research coordinators, monitors, or investigators
  • Scientific advisory board members
  • Independent engineers or consultants
  • Institutional review board members or medical ethics committees
  • Authorized representatives
• Access to MedmarcProtect™, loss control services designed to reduce products/clinical trial liability risk and help companies avoid the high direct and indirect costs of litigation.
  • Risk evaluations of product and clinical trial liability exposures assist companies in identifying vulnerabilities and preventing claims before they arise.
  • Training programs equip employees with the knowledge and skills to recognize and mitigate risk.
  • Integrated risk management programs incorporate products and clinical trial liability into quality management systems.

About Medmarc

Created in 1979 by the healthcare technology industry, Medmarc's purpose is to be the superior provider of liability insurance protection and related risk management solutions and to support the development, testing, and delivery of products that save lives and improve the quality of life.  Further, through strategic alliances with The Hartford Financial Services Group and Biomedic-Insure, Medmarc policyholders benefit from all-lines property and liability insurance protection, loss prevention services and claims management tailored to the needs of medical technology and life sciences companies worldwide.  www.medmarc.com

Disclaimer

All policies must be examined carefully to determine suitability for your needs and to identify any exclusion, limitations, or any other terms and conditions that may specifically affect coverage.  In the event of a conflict, the terms and conditions of the policy prevail.  All Medmarc coverages described in this document are offered by Noetic Specialty, one of the property and casualty insurance companies within the Medmarc Insurance Group.

SOURCE Medmarc