Warren, NJ (August 20, 2002) – The Biotechnology Industry Organization (BIO) has expanded its endorsement of the Chubb Group of Insurance Companies' life sciences program to include the product liability and clinical trial liability lines of business. For the past four years, Chubb has been BIO's endorsed insurer for general property and casualty insurance.
"To attract investment capital to our industry, biotech companies must implement strong risk management programs to make sure their research and technology are adequately protected," stated Morrie Ruffin, BIO's Vice President of Business Development. "Over the course of our four-year partnership, Chubb has repeatedly demonstrated its ability to understand the unique risk management and insurance needs of the biotechnology industry and to serve our member companies exceptionally well."
Philip Fiscus, Senior Vice President, Chubb & Son, and worldwide manager, Life Sciences Division, Chubb Commercial Insurance, said "We are thrilled to receive this endorsement of Chubb's capabilities from the world's preeminent biotechnology industry association. We look forward to continuing to serve the needs of this dynamic and rapidly growing industry with customized insurance and loss prevention programs. BIO members can count on Chubb to provide the risk management and insurance solutions they need to greatly help reduce exposure to litigation and other types of loss."
According to Mr. Ruffin, several factors played a significant role in BIO's decision to expand its endorsement of Chubb's insurance products:
- Financial strength - Chubb has an A++ rating from A.M. Best, an independent rating organization.
- Commitment to the biotechnology industry – Chubb has over 20 years of experience serving technology industries. Within the life sciences specialty, Chubb employs more than 100 full-time life sciences professionals who provide underwriting, loss control and claims services.
- International capabilities – With 134 offices in 31 countries, Chubb has the international know-how to assist BIO members with insurance products and services local regulations require in order to conduct business across borders.
- Claims service reputation – Chubb receives high marks for its claims services. Chubb is ranked number one for quality of service by agents and brokers in the 2002 Goldman Sachs U.S. Research, Property/Casualty Insurance Rate Survey of Producers.
- Specialized property and liability insurance – Chubb has policies tailored to the unique exposures of life sciences companies.
- Capacity – Chubb has up to $25 million for product liability and clinical trial liability and significant property capacity available.
- Pricing – A premium discount is available to BIO members for product liability and clinical trials liability insurance, in most states.
"Another advantage of Chubb's approach is that insurance is available on an admitted basis," said Fiscus. "Product and clinical trial liability insurance for life science companies has traditionally been provided by the excess and surplus lines market. Admitted insurance coverage further improves policyholder protection by allowing government regulators oversight of an insurer's pricing and coverage terms."
The Chubb Life Sciences Division insures biotechnology, medical device, pharmaceutical, dietary supplement and product development organizations. Insurance for BIO members is available through Chubb's network of independent agents and brokers.
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 5,000 independent agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.
BIO represents more than 1,000 biotechnology companies, academic institutions,
state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products.
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