The development of sophisticated diagnostic equipment has significantly advanced our ability to study, diagnose, and treat many injuries and diseases. New equipment, however, can cost tens of thousands to millions of dollars. Refurbished or leased equipment, although less expensive, also requires a significant investment. With so much invested in your equipment, a comprehensive risk management program that includes appropriate insurance protection is a must. With the broad range of companies available to us, we will be able to find you the coverage you need.
More Claim Examples:
A stent manufacturer’s employee voluntarily participated in her company’s human clinical trial. The participant suffered bodily injury and alleged improper informed consent. The participant filed a suit against her employer.
A biotechnology company’s cell cultures, representing an accumulated investment of $1.7 million over 22 months, spoils after a power outage cuts electricity to the facility and the back-up diesel generator fails. The company, who was on track to earn a $1 million milestone payment for a sponsor, loses both the cell cultures and the opportunity to earn the milestone payment.
A pharmaceutical company uses a contract manufacturer to produce its capsules. A custom soft-gel encapsulation machine suffers a mechanical breakdown and requires extensive repairs. The repairs take six months, but the existing inventory lasts only two months. (Catastrophic Losses)
(Chubb Insurance Company)
The claim scenarios described here are offered solely to illustrate the types of situations that may result in claims. The precise coverage afforded by any insurer is subject to the terms and conditions of the policies as issued. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss, the terms and conditions of the policy as issued and applicable law.