What:
Tokio Marine Kiln (TMK) has launched its first Life Sciences insurance product, IntelliMed, to address coverage gaps.
Why:
As Life Sciences companies grow, they can be exposed to increased cyber and IP risks. This could be through holding high volumes of patient records or developing novel ideas and products that could become the subject of IP rights and ownership challenges from third parties.
How:
- IntelliMed offers specialist and bespoke coverage for Life Sciences risks, ranging from traditional medical devices and pharmaceuticals to novel smart MedTech products and telemedicine services, and new apps in development.
- It is believed to be the first Life Sciences product in Lloyd’s market to provide comprehensive Cyber and Intellectual Property (IP) coverage, in addition to coverage for Products Liability, Professional Indemnity, Medical Malpractice, Public Liability, and Clinical Trials, under one policy.
- IntelliMed is designed for small Research & Development start-ups through to larger and more well-established businesses operating worldwide.
- Clients that could benefit include companies specializing in medical devices, pharmaceuticals, biotechnology, clinical trials, skincare, nutraceuticals, veterinary drugs, MedTech, apps, and telemedicine services alongside clinical research organizations.