TMK addresses life science coverage gaps
Specialist international insurer Tokio Marine Kiln (TMK) has launched its first life sciences insurance product, IntelliMed, to address coverage gaps.
According to TMK 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.
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, 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, these companies will now be able to access insurance coverage under a single policy, reducing the likelihood of coverage gaps.
TMK said that IntelliMed is designed for small research & development start-ups through to larger and more well-established businesses operating worldwide outside the United States. 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 brings a research and science-led approach to underwriting, as a science graduate with a research background and more than 10 years’ experience in insurance. The product also brings together two established TMK lines of business – cyber and IP - with its newly formed life sciences division, underpinned by TMK’s claims service.
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.”
Aoife Woulfe, head of intellectual property at TMK, added: “This is the first time an ‘all-singing, all-dancing’ intellectual property product has been released as part of a life science package to the Lloyd’s market, offering broad coverage for a full range of IP exposures. We are excited to meet client needs in a new way and provide protection for their most valuable assets.”