MINNETONKA, Minn., April 30, 2015 /PRNewswire/ -- OneBeacon Technology Insurance, a member of OneBeacon Insurance Group, announced its new "life of the clinical trial" product for North America that extends clinical trials coverage through its products-completed operations policy form for the duration of each protocol period. Exclusively available through its affiliation with R-T Specialty, LLC, this innovative approach will enable clinical trial insureds to seamlessly obtain coverage for the complete protocol period, instead of through sequential 12-month policies.
OneBeacon Technology Vice President Todd Lauer said, "We're excited to bring this capability to the North American life sciences industry. Our European counterparts have been offering similar coverage for many years, so there is extensive experience using this approach. Our medical technology specialists, in partnership with RT Specialty's life sciences team, believe this innovation addresses a significant gap for this customer group."
Added RT Specialty Senior Vice President Mike Garofalo, "Partnering with OneBeacon Technology is the perfect fit to tap into their capabilities and expertise for North American life of the clinical trial coverages. This is a unique opportunity for clinical trial sponsors to craft global symmetry for their clinical trial exposures."
The policy will be written on a nonadmitted basis with a $5 million maximum coverage limit. In addition, OneBeacon offers dedicated medical technology risk control and claims services.
Agents and brokers interested in additional information regarding the product should contact their local RT life science broker, or email us at [email protected].
About OneBeacon Technology Insurance: OneBeacon Technology Insurance solely focuses on the technology industry, making it a specialized source for technology insurance products and risk management expertise. Through its dedicated team of technology insurance professionals, it provides integrated and seamless insurance solutions and services for all aspects of the technology industry. For further information visit: www.onebeacontech.com.
About OneBeacon: OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is publicly traded on the New York Stock Exchange under the symbol "OB." OneBeacon's underwriting companies offer a range of specialty insurance products sold through independent agencies, regional and national brokers, wholesalers and managing general agencies. Each business is managed by an experienced team of specialty insurance professionals focused on a specific customer group or industry segment, and providing distinct products and tailored coverages and services. OneBeacon's solutions target group accident; commercial surety; crop; design professionals; entertainment; environmental; excess property; financial services; healthcare; management liability; ocean and inland marine; programs; public entities; technology; and tuition refund; . For further information about our products and services visit: www.onebeacon.com and to remain up to date on OneBeacon's news, follow us on Twitter @OneBeaconIns or visit our online newsroom: www.onebeacon.com/newsroom.
About Ryan Specialty Group, LLC and R-T Specialty, LLC: Ryan Specialty Group, LLC is a global holding company which includes wholesale broker R-T Specialty, LLC, a select group of highly-specialized underwriting companies, a London operation and other specialty services designed specifically for agents, brokers and insurers. www.ryansg.com and www.rtspecialty.com .
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SOURCE OneBeacon Insurance Group, Ltd.