Markel Insurance has introduced a new clinical trials insurance product designed to support sponsors, researchers and participants involved in clinical research across multiple jurisdictions.
Read more: Markel talks global clinical trials coverage
The product offers insurance cover for all phases of clinical trials and is structured to align with regulatory requirements in more than 100 territories. Markel said the policy aims to provide international consistency and compliance to facilitate the start and continuation of trials globally. It can deliver same-day quotations, along with the issuance of certificates and policy documents.
The service is intended to help researchers and trial sponsors obtain necessary insurance in time to meet regulatory deadlines and begin operations without delay. The offering is supported by Markel’s Lloyd’s licences and its international distribution network.
Robert Hannaford (pictured above), senior underwriter – life science at Markel, said clinical trials insurance is often a regulatory requirement and the final step in securing approval to begin research, noting that delays in this process can result in cost increases, reputational concerns and halted research activities.
Markel’s new product comes following its announcement as a new official partner for the British Insurance Brokers’ Association (BIBA). The company currently supports BIBA members through a facility that includes a 24/7 business and legal helpline, tax and VAT support, and access to its online Business Hub.
Clinical trial insurance policies are typically structured on a claims-made basis, meaning they cover claims reported during the active policy period or within an agreed-upon extended reporting period. This setup ensures that any claims made after the trial concludes are still addressed, provided they fall within the specified timeframe.
Coverage limits for clinical trial insurance vary depending on the jurisdiction and nature of the trial. For domestic trials, coverage limits can reach up to US$20 million. For international trials, limits may extend up to US$100 million, depending on the specific requirements and risks associated with the trial.
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