Biotech, Pharmaceutical and Innovation Industry
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Consult Insurance Solutions Pty Ltd is an expert in the understanding, assessment and placement of insurance programs for the Biotechnology, Pharmaceutical and Innovation industry. We provide clients with a unique combination of skill sets, and this experience allows us to genuinely understand your business, your exposures and how best to arrange an optimal insurance solution. Our advantage over other Insurance Brokers in this sector is that we work closely with Life Science and IP experts, including our consultant Dr Sharon Joseph to fully understand the specific risks and needs of your industry. See profile. For the Biotech, Pharmaceutical and Innovation industry there are a range of insurance solutions that may be relevant:
Directors & Officers Liability / Company Reimbursement Insurance:
Directors and officers of a company can be a personally liability for a variety of legal actions and investigations arising from their obligations at law. There are several sources of potential claimant including shareholders, regulatory bodies (e.g. ASIC), employees, clients/customers and competitors.
In general terms directors and officers may be sued for matters such as breach of general duty to act honestly, with reasonable care and due diligence, breach of fiduciary duty, breach of contract or breach of statutory duty. Specifically this might include being sued for incorrect or misleading statements, failure to comply with Continuous Disclosure rules, conflicts of interest, restrictive trade practices, insolvent trading and employment-related actions (wrongful dismissal, discrimination, sexual harassment).
Directors & Officers Liability / Company Reimbursement Insurance is designed to protect the directors and officers of an organisation against third party claims (demands for compensation) and investigations arising out of the management and governance of their company
Management Liability Insurance:
Not only do directors and officers face exposure to a variety of claims (as outlined above), the company itself can be exposed to a variety of third party claims, including employment related actions, OH&S matters and employee theft/fraud. Management Liability insurance is designed specifically for private companies and provides an effective all-in-one package policy to protect against a variety of managerial and corporate exposures.
On an exciting note we have arranged an exclusive deal with Vero to offer a unique tailor-made management liability insurance solution designed specifically for private Biotech, Pharmaceutical and Life Science companies. Using our experience, the product has been crafted to provide coverage features unique to your industry. For example:
Intellectual Property ('IP') Legal Consultation: Vero will pay for up to two hours of general specific IP legal advice on matters related to the risks insured from Vero's nominated Commercial and Intellectual Property & Trademark Attorney firm
Business crisis cover with specific IP triggers: Vero will pay the reasonable costs, charges, fees and expenses of an independent management consultant engaged to minimise the effect of defined unforseen events which can materially impact revenue, including loss of licensing agreement or invalidation of a patent.
To learn more contact us or complete the attached proposal form, and either mail or email to us to obtain a quote BIO Proposal Form.pdf
Life science insurances:
Whether it is general liability, products and/or human clinical trials liability or errors & omissions, we can access a range of suitable insurance solutions to protect you against the lawsuits that allege financial losses due to failure of products or services to perform to specifications or losses resulting from the future bodily injury or property damage.
For more information on any of these products or our upcoming private company management liability product please contact us.