Life Science

At Howden, we offer bespoke products for the Pharma and Life Science sector, ranging from policies for clinical trials to product and professional liability. We’ve also have a number of exclusive arrangements with re/insurance carriers. 

The Benelux countries are very well known for Life Sciences companies, including biotech, pharma and medical supplies companies. There are hundreds of these companies in the Low Lands be it promising start-up or more established pharma companies.

The liabilities surrounding life sciences operations are of course governed by specific rules and regulations. Exposures vary greatly around the world, and failure to comply with individual countries' specifications can render policies useless. That’s why life sciences organisations need specialist tailored insurance products. At Howden, through our network of sepcialist, we can help you.

Clinical trials

When considering an insurance plan, a Life Science company must take its clinical trial risks into special consideration. The clinical trial liability is a specific, high-risk area that requires unique coverage to provide maximum insurance protection. A company needs to purchase additional liability insurance specifically designed to cover clinical trials.

Finding the right insurance plan for clinical trial liability can be difficult and time-consuming, but it is crucial. In the long run, selecting the best plan will save the company time and money. Good clinical trial insurance not only protects the company from liability exposure, but it also provides an increased level of comfort for investors by demonstrating prudent financial management and accountability.

In many cases, a company needs clinical trial liability coverage in addition to its general liability and products liability coverage. Clinical Trial insurance is a highly specialized product, and as a result, not every carrier can fulfil the needs of companies searching for such specific coverage. Although there are occasional reasons to use separate insurers, it is generally safer to have both product liability and clinical trial coverage with the one provider, by going so, this avoids coverage disputes over claims and reduces and ultimately the possibility of gaps in coverage.

The insurance is limited to the specified trials of clearly listed products and for no other tests or products.

Directors & Officers Liability and Prospectus Liability Insurance 

Life Science companies do often need to raise additional capital to finance their R&D activities. This can be done through the emission of bonds (often with institutional investors) or a stock listing. Many Life Science companies start with a stock listing in Europe but they also go for an additional listing on the NYSE or even the NASDAQ.  All this activity result in increased risks for the directors of the company who put their signature on the prospectus or the investment memoranda but also for the issuing entity for any misleading statement or misrepresentation in said documents. 

Howden has a lot of experience with these specific exposures that can be insured in a Directors & Officers Liability or a Prospectus Liability insurance.

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