As the innovation of new medicines continues to expand globally - the research which often requires human life to volunteer involve risk for all parties concerned.
Although Clinical Trials are a carefully regulated sector throughout the US, Canada and Europe, the review board or ethics committee will often require verification of insurance before allowing a trial to commence.
As a specialist healthcare liability broker, we work with our international clients in numerous clinical trials – some which last one day, to some which last up to five years.
It is fundamental for our clients to understand the risks involved to human life and reputational damages when things do not go to plan or there is an adverse impact which has a considerable knock-on effect.
Cases where we have often seen claims, originate from:
- Participants rejecting the compensation guidelines, thus seeking to pursue a claim for increased damages.
- Trial participants being harmed, often with long-term illness / psychological effects.
- Participants (or their dependants) demanding compensation The reputation damage and business interruption when dealing with claims can be disastrous, which is why is it essential that you partner with a specialist broker with dedicated resources to respond when things don’t go to plan.
How Servca can help you
We have extensive specialist healthcare experience in arranging Clinical Trials insurance globally with direct access to Lloyd’s of London for the competitive placement of your insurance requirements, backed with specialist support and claims handling.
Information we will work with you to obtain, in order for us to present your requirements to our specialist insurers: *The indemnity limit required for liability insurance – often set by the ethics committee (also known as “institutional review boards” in the USA).
- Location(s) of the trial
- The ProcessDocument, which acts as the trial protocols, and includes details such as:
- Trial participants – how many, ages, genders etc. Trials involving vulnerable groups such as children and women of child-bearing age will come under particular scrutiny.
- *Informed consent documents – description of the purpose of the trial, its potential risks and benefits, procedures and duration etc.
- *Details of the Investigator or CRO who will conduct the trial
To see how we can add value to your organisation, email us on firstname.lastname@example.org or please complete the brief contact form below to arrange a complimentary review of your insurance requirements: