Policy includes intellectual property and cyber coverage in a first for the Lloyd’s market
Tokio Marine Kiln (TMK) has launched its first life sciences insurance product, which offers specialist and bespoke coverage for life sciences risks, ranging from traditional medical device and pharmaceuticals through to novel smart medtech products and telemedicine services, and new apps in development.
IntelliMed is believed to be the first life sciences product in the 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.
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.
Addressing a capacity vacuum
Aoife Woulfe, head of intellectual property at TMK, added: “This is the first time an ‘all-singing, all-dancing’ intellectual property product has been released as part of a life science package to the Lloyd’s market, offering broad coverage for a full range of IP exposures.”
Laila Khudairi, head of enterprise risk at TMK, said: “Events in recent years have demonstrated how crippling a cyber-attack, or data breach, can be to an organisation.
“TMK’s IntelliMed policy protects our medtech clients against cyber-related threats, from the more common to the most severe, packaged alongside the other critical coverage requirements such as products liability.”
The cover is designed for small research & development start-ups through to larger and more well-established businesses operating worldwide outside the United States.
The launch follows the appointment of Kirsten Shastri as TMK’s head of life sciences in October, who commented: “This product will support innovation and address a capacity vacuum in a sector that is critically important for scientific development.
“Creating this product as one policy ensures that the potential for coverage gaps is reduced and more businesses can benefit from fully comprehensive cover.”