Platinum Commercial and General Insurance is able to arrange, place and manage insurance for pharmaceutical organisations ranging from start-up pharmaceutical enterprises through to late stage pharmaceutical manufacturing/distribution companies.

Insurance coverage is available for manufacturers of prescription and over the counter drugs and dietary supplements. Insurers will also consider providing cover for manufacturers of veterinary products, although to be considered the veterinary products must be manufactured for the purpose of treating a disease

Insurers typically offer pharmaceutical companies a range of innovative insurance products, including dual-trigger General Liability, Products and Human Clinical Trials Liability and Errors & Omissions.  Pharmaceutical companies face new exposures to loss every day.

Insurers can typically expand your domestic liability insurance worldwide with a global extension. Differences in conditions or limits that may exist between the domestic program and the local (admitted) insurance contracts are insured, subject to the terms and conditions of the policy.

General Liability
General liability has tailored definitions of your product and of the products liability hazard. Further, lessors of leased equipment and lessors of leased premises are automatically included as insureds.

A hybrid general liability contract offers a dual trigger — an occurrence trigger for Premises/Operations and a claims-made trigger for Products Hazard Liability. This single form offers convenience and reduces potential for conflicts in the claims process.

Product withdrawal & crisis management expense protection up to $25,000 for Class 1 recall is offered to companies with a formal product recall program.

Insured  status  is  granted  for  typical  contractor  relationships  based  on  activities  performed,  as  contractually required.

Customised human clinical trial reporting conditions offer greater efficiency by recognising the various roles and responsibilities associated with these activities.

Blanket protection applies to human clinical trials initiated after the policy inception within the same drug or medical device family. Certain exceptions may require advanced underwriting approval.
Employees who voluntarily participate in a human clinical trial are not excluded, as their participation is not deemed to be within the scope of their employment.

Errors & Omissions
For  pharmaceutical  companies  that  perform  services  for  others,  Errors  &  Omissions  insurance  is  affordable protection against a significant threat to your company’s financial well being. Errors & Omissions insurance helps protect your company from lawsuits claiming a financial loss resulting from a failure of your service to perform to specifications. General Liability insurance does not protect you from these emerging vulnerabilities.

Errors & Omissions protection can provide financial injury compensation to a third party resulting from the need to stop using your product due to the risk of future bodily injury or property damage.

Oral & written contractual liability insurance is provided for insured contracts and includes the obligation to defend an indemnitee where provided by such contracts.

Notice of circumstances provision provides the opportunity to preserve insurance for known circumstances that may result in a claim.

Customised human clinical trial reporting conditions offer greater efficiency by recognising the various roles and responsibilities associated with these activities