Markel introduces newly enhanced and expanded life sciences offering
On November 9, 2022, Markel (NYSE: MKL) announced the launch of an enhanced life sciences product liability offering, now available on admitted paper. This new policy includes tailored solutions covering clinical trials, product recalls, and spans various industries such as medical devices and pharmaceuticals throughout the product life cycle. Markel emphasizes its commitment to the life sciences sector by providing broader access to specialized insurance solutions, facilitating coverage from research to commercialization.
- Launch of enhanced life sciences product liability offering on admitted paper.
- Expanded coverage includes clinical trial expenses and product recalls across various life sciences sectors.
- Tailored solutions that cater to industry-specific needs, potentially attracting new clients.
- Commitment to addressing unique exposures in the life sciences industry.
- None.
RICHMOND, Va., Nov. 9, 2022 /PRNewswire/ -- Markel (NYSE: MKL) has announced the launch of an enhanced life sciences product liability offering which is also now available on admitted paper. This expanded and enhanced offering provides broader access to partners and insureds by delivering specialized insurance solutions in the ever-evolving life sciences industry.
This newly enhanced policy offers customers tailored solutions to include industry specific coverages such as clinical trial coverage, class 1 product recall expense coverage, and more. The policy also spans the medical device, pharmaceutical, biological, dietary supplement, and cosmetic industries through the entirety of the product life cycle. This means that insureds can obtain coverage from the beginning of the research and development stage and all the way through commercialization.
"Markel is proud to be an insurance provider that now offers broadened and expanded accessibility for products-completed operations, error or omission, and general liability coverage with our enhanced life sciences liability insurance policy," said Mary Ann Stewart, Director, Life Sciences. "Markel joins a small group of carriers that offer this capability. Our enhanced offering can be paired with a suite of life sciences industry-specific coverage enhancements via endorsement, and underscores Markel's deep commitment to the life sciences industry."
Markel partners will have expanded accessibility to this offering and will be able to work with its specialized and experienced life sciences underwriting, claims and loss control team, who understand the need for tailored products and services. Additionally, Markel's enhanced primary offering is complemented by excess liability for the life sciences industry.
"Markel is committed to continuing to address our customers' unique and emerging exposures by providing specialized, innovative solutions within the life sciences industry," said Jane Peterson, Chief Underwriting Officer, Markel Specialty. "We're excited to continue to partner with our brokers and customers to make it easier to obtain admitted coverage."
More information about Markel's life sciences enhanced product offering can be obtained at https://www.markel.com/insurance/us/commercial/casualty/life-sciences-liability
About Markel
Markel is a diverse financial holding company serving a variety of niche markets. The company's principal business markets and underwrites specialty insurance products. In each of the company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Coverage is underwritten by one or more insurance company subsidiaries of Markel. Certain products are provided through various non-admitted insurance company subsidiaries of Markel and are offered through licensed surplus lines brokers. Markel® is a registered trademark of the Markel Corporation. Visit Markel on the web at markel.com.
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SOURCE Markel Corporation
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