OneBeacon Technology Insurance, a member of Minnetonka, Minn.-based OneBeacon Insurance Group, has launched its new "life of the clinical trial" product for North America, which extends clinical trials coverage through its products-completed operations policy form for the duration of each protocol period.
Available only through its affiliation with RT Specialty, an independent wholesale brokerage, this approach enables clinical trial insureds to seamlessly obtain coverage for the complete protocol period, instead of through sequential 12-month policies.
Todd Lauer, OneBeacon Technology vice president, 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."
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.