Medical Malpractice Insurance
Medical professional liability insurance, otherwise known as medical malpractice insurance, is designed to safeguard anyone working in the healthcare industry and associated caring professions against liabilities incurred as a result of wrongful practices that results in physical injury, medical expenses and property damage and the associated litigation costs. Health care professionals are seeing it as increasingly importantly to be covered by liability insurance. All regulated healthcare professionals in the UK are required by legislation to be covered under such insurance or indemnity.
Such coverage also extends to clinical trials for medical research study, given the inherent factors of uncertainty and risks present. Insurance offers financial protection for trial conductors as well as compensation to participants in the event of damage to their well-being. Conductors of clinical trials can be insured for both negligent and non-negligent harm caused to participants. As an authorised Lloyd’s of London broker, we tailor specialist risk solutions to meet the needs of each client, including any country-specific requirements. This can take many forms, such as excess of loss, excess cession, awards made, and stop loss.
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Clinical trial insurance
Clinical trials are a sensitive area of insurance, hence we at MNK Re, strive to provide comprehensive and innovative solutions. We understand the complexity, urgency, and specific risks involved in every stage of a clinical trial. Our Clinical trial insurance solutions provide protection for the sponsors/organisers of clinical trials for drug and medical device testing, covering their legal liability to pay compensation in the event of an injury to a trial participant. Clinical trial insurance is designed for life science companies that have a requirement to test drugs, medical devices, or a combination of these prior to wider distribution.
Clinical trials are conducted on human volunteers, so rigorous controls and procedures must be in place to ensure the well-being of the participants – often including clinical trials insurance. The developer or “sponsor” may conduct the clinical trial themselves or engage a Clinical Investigator or CRO (Contract Research Organisation) to do it for them. The clinical trial insurance is usually a regulatory or contractual requirement. In case the trial results in participants being harmed and potentially requiring life-long medical care, this could lead to the participants (or their dependents) demanding compensation or rejecting the compensation guidelines and suing you independently for greater damages. The clinical trial insurance shall respond to such legal claims subject to policy terms and conditions.