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CLINICAL TRIALS  INSURANCE

ABOUT

Clinical trials are research studies involving people. They test whether particular treatments are safe and how well they work. Many clinical trials (especially for new drugs) are carried out in phases. When a new treatment is first developed it will be tried first in a few volunteers to understand how safe the drugs are.

Clinical Trials Insurance is in the name of Institution or Organisation (termed as Insured) conducting the said “clinical trial”. The insurance policy will indemnify financial loss suffered by Insured due to legal liability arising out of claims for death or bodily injury or disease to volunteers while undergoing clinical trials. The insurance coverage includes claims arising from damages, judgments, settlements that are awarded against the Insured. Cover is available for bio-equivalence or bio-availability tests as well as for new drugs/products. It must be noted however that the policy does not cover civil or criminal fines or penalties imposed by law, punitive or exemplary damages.

CLINICAL TRIALS INSURANCE

BENEFITS

LIMITS OF LIABILITY (SUM INSURED)

  • Two limits namely, “limit per occurrence” and “aggregate limit per Policy Period” are required.
  • All bodily injury resulting from the same trial shall be considered as one occurrence for the purpose of limit per occurrence.
  • Policyholder can choose the liability limits in accordance with estimated exposure.

COMPENSATION COSTS COVERED

Indemnify the Insured against the legal liability to pay as compensation for personal injury / sickness / disease or death of a volunteer which results from an occurrence during the Policy Period.

LEGAL COSTS COVERED

Covers legal costs, fees or expenses incurred by the insured.

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