The life sciences industry is fast paced and highly innovative. Maloy Risk Services’ Life Science team offers experience in assessing and protecting our clients against the unique risks faced by this industry – from foreign clinical trial liability to product recall.
How We Can Help
Maloy Risk Services protects your business before your management fees, fund assets or personal assets are reduced by litigation. We maximize client protection with well-designed coverage of Professional Liability and Directors and Officers Liability. Our team understands the unique challenges that hedge funds face and we work with the leading underwriters to create products that specifically address the needs of our clients. In addition, we track industry activity to make sure you are always on the cutting edge of both coverage and price. Our client benchmarking report provides peer analysis for limits and coverage based on AUM.
Industry Articles
Life Science & Product Recall Risk Management Insurance is just one piece of risk management. There are also procedures, contractual transfer and other aspects of minimizing risks that can be associated with a product recall or product withdrawal in the Life Science industry. These include the recall of a drug or a medical device, whether implantable or external—and could cost companies millions in litigation, in addition to recall costs, if handled improperly.
Manufacturers generally buy the basics: product liability insurance, workers comp, and property insurance. Yet product recall or withdrawal is a real risk that some may choose to self-insure. Either they don’t really believe such an event will happen, or they feel that they have a good follow-up procedure in place if it should.
That may not be enough. If there is a claim or a product recall—which can and does happen to the best of companies—a Life Science manufacturer can simply look to its insurance company instead of using company assets to fund the recall. Premiums start around $15,000.
