Fivestar Insurance Brokers Ltd. offers a comprehensive range of flexible insurance policies specifically designed to meet the needs of Healthcare Products manufacturers. These products can be classified into three main categories:
3. Medical Devices
Generally, the party involved in the development of the drug or medical device will typically not seek product liability insurance until they enter the Clinical Trials phase. Some companies conduct their own clinical trials while others hire a Contract Research Organization (CRO), to perform these trials on their behalf. Our insurers have developed a policy that is unique to these particular companies, as it encompasses the financial loss exposure in addition to the medical malpractice exposure that these companies face.
Fivestar Insurance Brokers Ltd. works with Insurers that understand the unique business challenges that all of these companies face and continually keeps abreast of trends and changes in this field, including changes in government regulations and the legal system, and adapts its policy to accommodate these changes.
Healthcare Products Policy Highlights:
Limits of up to $5 million
Coverage for Bodily Injury, Property Damage and Financial Loss arising from the Insured's products or operations
Full Clinical Trials coverage, including Medical Malpractice and Errors and Omissions
Coverage for liability arising from research and development including the sale or distribution of research work
Coverage available for international clinical trials
Commercial General Liability and Commercial Property
Fivestar Insurance Brokers Ltd. can also provide Commercial General Liability coverage to complement the Healthcare Product Liability policies. This benefits our clients as they are able to insure the CGL, Property and the specialized liability covers with the same insurer. This eliminates potential gaps in coverage, claims disputes, and non-concurrent forms. Our Insurers policies are designed to fit together to give broad protection to our clients.