Insurance for Life Science  

We define Life Science as Biotech, Pharmaceutical, and Medical Technology 


During many years AssuransSelector has assisted Life Science companies, "start-ups" as well as establised businesses. We can Life Science.  

Many Life Science companies conduct clinical trials. AssuransSelector has multiple year experience of advising on insurance for clinical trials. In addition to insurance companies in Sweden, we have a continous co-operation with a number of insurance companies based in London which can offer protection and terms that sometimes are called for but which other providers are not able to offer. Please read more on clinical trials further down.  

We assist a number of clients with international business. During the years we have built a network of partners in most of the countries where Swedish companies have operations. We have the tools to create international insurance programs giving clear control, insight and cost efficiency.

Below you can read about the typical insurance coverage for companies operating in Life Science. 

Liability for clinical trials


What does the insurance cover? 

The insurance covers the damage the insured is obliged to pay to patients as a result of bodily damages - both physical and psychological - and counsel costs.   

In addition, counsel costs incurred by the insured are covered. This cost is normally in addition to the insurance amount (in the US and Canada counsel costs are included in the insurance amount). 

What amount does the insurance cover? 

The aggregate amount that the insurer covers is specified in the agreed policy. Even though the insured can control the level of insurance amounts, it should be observed that certain countries require a compulsory minimum limit for insurance covering clinical trials. In other countries expertise in the insurance industry have determined guidelines on appropriate amounts.  

General and Product Liability

An insurance that covers claims based on property damage and bodily damage. The insurer investigates whether the claim is legitimate. The insurer negotiates and represents the insured in possible court or arbitration procedures and covers liability for damages resulting from bodily or property damage which the insured's product has caused to third parties.  

An insurance does not only cover protection against claims for damages but the insurer assists as well with: 
  • investigating whether or not liability is at hand 
  • negotiating with the counterparty 
  • representing the insured at trial and pay trial costs 
  • paying the damages that the insured may be liable for  
AssuransSelector is involved in an insurance incident process and assits the client with help and advise. We do not leave the client alone with the insurer. Our commitment covers alla parts and processes that may be relevant.

It is important to point out that a liability insurance does not cover "stand alone financial damages" meaning that damages and losses of a financial nature which are not a result of property or bodily damages are not covered. 

Amendment to a Product Liability Insurance 


Ingredient- & component
Covers "stand alone financial damages" as a result of processing or refining of the product or the that the product has received information from a defective product. Covers increased costs for refinement or that the product cannot be used for its intended purpose. 

Professional Liability 


A Professional Liability insurance covers claims for damages as a result of wrongful advise or professional services ("errors & omissions"). The protection is limited to stand alone financial damages.   

To handle a claim for damages by yourself is difficult, cost and time burdening. An insurance does not only cover protection against claims for damages but the insurer assists as well with: 
  • investigating whether or not liability is at hand 
  • negotiating with the counterparty 
  • representing the insured at trial and pay trial costs 
  • paying the damages that the insured may be liable for  

Business interruption 


What is a Business Interruption insurance?

If your premises are for instance subject to fire it may take time to restart the business due to the need to clear and restore the premises. During the interruption the insurance covers costs incurred due to the move to temporary premises. Another example can be longer interruption of supply of electricity, water and the like. The insurance may cover reasonable costs necessary to continue the business despite the interruption.   
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The insurance period is normally 12 months but can be prolonged.  

Directors & Officers 

The main reason for this insurance is the protection for Directors' & Officers' potential liability to be personally liable for damages. The demands and requirements on Directors & Officers tend to increase over time. 

This group of people can be held liable under Swedish and foreign law as well as based on inadequate and false reporting, breach of public orders, bancruptcy and insolvency situations and wrongful handling of personal data. Claims can be raised by the company itself, shareholders, debt owners and employees.  

The damages can be very high and are are normally not covered by the General Liability insurance. A D&O insurance covers as well costs incurred due to trial proceedings. 

Crime

The insurance protects the company from financial losses as a result of crime, internally and externally. The insurance covers costs for investigation, representation and negotiation. Damages to a third party due to employee's acts may be covered.  
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Depending on the terms, the insurance may cover costs for reconstruction of data and contractual liquidated damages. 

Travel 

A travel insurance runs on a yearly basis normally for all employees and can as well include Board Members. The insurance protects employees while travelling.​​​ The insurance covers costs for property and bodily damages, such as illness, accidents, invalidity, death, travel interruption, loss of bagage, delay, liability and elimination of retention concerning home and car insurance. The insurance can be added with right of cancellation of travel. With the insurance follows access to medical support at all times.  

Contact us 

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AssuransSelector AB
Järnvägsgatan 9
252 24 Helsingborg
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info@assuransselector.se
+46 (42) 12 07 60

Are you in need of insurance for your business in Life Science?

  • Du you have operations abroad?
  • Du you require high quality and quick services?
We offer companies based in Scandinavia insurance services and we are able through our global network to assist your subsidiaries with local service irrespective of where in the world you operate!


+46 (42) 12 70 60