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Science Insurance
S-Tech have been looking after the Scientific community since we were founded. We provide specialist and tailor-made insurance solutions that protect our clients against the wide range of risks they face within these dynamic sectors.
- Life Science
- Biotech
- Digital Health
- Clinical Trials
- Biopharma
- Med Tech
- Genomics
- Diagnostics
- Digital Health
The S-Tech Difference
At S-Tech we understand that the work our clients do is unique and they need an insurance partner who understands what they do, not an off the shelf package from a comparison site. Whether you’re a start-up who needs to purchase insurance for the first time or your business has gone global we can create bespoke solutions to manage the risks you face.
Science insurance in detail
S-Tech have access to an array of specific policies to help companies like you get the best insurance. Your policy could include:
- Material Damage For general contents, laboratory equipment, tenants improvements, computer equipment and other R&D property with a £250 excess in respect of all claims.
- Business Interruption and Research and Development operations Flexible loss limit up to £500,000, to accommodate gross profit and revenue, R&D expenditure, R&D income and increased cost of working.
- Change in Controlled Environment With cover available to a maximum limit of £50,000 with a £250 excess for all claims.
- Contamination With a maximum limit of £50,000 and a £250 excess for each and every loss.
- Property in Transit With a maximum conveyance limit of £10,000 and a £250 excess for each and every loss.
- Public Liability Available for limits of £1m, £2m and £5m, with extensions to accommodate product liability exposures for both prototype products and established products.
- Employers’ Liability The cover available has a standard £10m limit.
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Errors and Omissions/Professional Indemnity
Available with worldwide territorial limits (excluding Cuba) and with a maximum inner limit of £250,000 for any one claim and in the aggregate.
Once a company becomes established the insurance needs are likely to become more complex and the Start Up contract can be modified to accommodate the inevitable changes that the business will demand. We are therefore well placed to accommodate the needs of both new and established Life Science risks.
Specialist covers for Clinical Trials and Directors and Officers Liability insurance are also available subject to a Proposal Form, Financial Statements and, in the case of clinical trials, full details of proposed protocols, Patient Consent Information and Patient Numbers.
FAQs
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Yes, a bespoke policy can be arranged to accommodate freezer failure and the deterioration of the contents but Insurers may well require confirmation that the freezers in question are fitted with an alarm particularly if the contents are of very high value.
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Yes bespoke cover can be arranged for Clinical Trials both in the UK and elsewhere around the world. Insurers would normally require details of the proposed protocol, the Patient Consent Form, the location of the Trial and the number of subjects taking part in the Trial itself.
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The cover can be accommodated to include full blown Product Liability cover once you are in production but equally cover can also be arranged to accommodate exposures that are stimulated by any prototypes that you might be producing.
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No, Underwriters are quite happy to write multi tenure risks where Laboratories are rented to a number of tenants and can also extend to accommodate risks where Laboratory space is shared by more than one Company.
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Yes, we can arrange bespoke cover for Directors and Officers Liability Insurance as required by Venture Capitalists and similar and would normally recommend a cross section of limit of cover ranging from modest limits of £500,000 to upper limits of £5,000,000 and above.
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Professional Indemnity Insurance
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Cover for employee injury or illness arising as a result of their employment with your business.
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