Tokio Marine Kiln (TMK), a specialist international insurer, has launched its first life sciences insurance product, IntelliMed, in a bid to address coverage gaps.
IntelliMed offers specialist and bespoke coverage for Life Sciences risks, ranging from traditional medical device and pharmaceuticals through to novel smart medtech products and telemedicine services, and new apps in development.
According to TMK, IntelliMed is believed to be the first Life Sciences product in the Lloyd’s market to provide comprehensive Cyber and Intellectual Property (IP) coverage in addition to coverage for Products Liability, Professional Indemnity, Medical Malpractice, Public Liability and Clinical Trials, under one policy.
As pioneering life sciences companies grow, TMK continued, they can be exposed to increased cyber and IP risks.
This could be through holding high volumes of patient records, or developing novel ideas and products that could become the subject of IP rights and ownership challenges from third parties.
With the introduction of IntelliMed, TMK said these companies will now be able to access insurance coverage under a single policy, reducing the likelihood of coverage gaps.
IntelliMed is designed for small Research & Development start-ups through to larger and more well-established businesses operating worldwide outside the USA.
Clients that could benefit include companies specialising in medical devices, pharmaceuticals, biotechnology, clinical trials, skincare, nutraceuticals, veterinary drugs, medtech, apps and telemedicine services alongside clinical research organisations.
The launch follows the appointment of Kirsten Shastri as TMK’s head of life sciences in October.
Shastri said, “This product will support innovation and address a capacity vacuum in a sector that is critically important for scientific development. Creating this product as one policy ensures that the potential for coverage gaps is reduced and more businesses can benefit from fully comprehensive cover.”
Earlier this month, InsurTech MGA Loadsure received capacity baking from Tokio Marine Kiln to further enhance its data driven freight protection offering.
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