Life Sciences Insurance


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Life Sciences Insurance

  1. 1. Michael W Robertson CFE PPS 910.805.7124 (Office Direct) 910.777.8918 (Mobile) [email_address] BIO.Tech - Life Sciences
  2. 2. NOT A TYPICAL INSURANCE BROKER Innovative medical devices, human in vivo implants, nanotechnology, surgical devices, biomedical advances, pharmaceutical and nutraceutical compounds, all designed to advance modern medicine and improve human health. These new advances in medicine and technology require new approaches to insurance and risk management. Out with the old, in with the new…
  3. 3. Medical Devices Drug Development Clinical Trials Bio-Tech Contract Research (CRO) Pharmaceuticals
  4. 4. <ul><li>Product liability insurance for medical devices, implants, surgical devices (Including 510(k) and PMA, classes I, II, and III), pharmaceuticals and nutra-ceuticals (Pre-clinical through Phase IV) </li></ul><ul><li>Global Clinical Trials Liability Protection </li></ul><ul><li>Life sciences errors and omissions (E&O) for CRO’s, service providers and consultants under contract </li></ul><ul><li>Management liability and personal asset protection including public and private Directors and Officers (D&O) coverage, employment practices and fiduciary liability </li></ul>Products & Services
  5. 5. <ul><li>Strong, stable carriers : </li></ul><ul><ul><li>Best coverage forms </li></ul></ul><ul><ul><li>Tailored to your business </li></ul></ul><ul><ul><li>Negotiate Terms w/ Carrier </li></ul></ul><ul><ul><li>Exclusive Endorsements </li></ul></ul><ul><ul><li>Carrier Partners / Trust </li></ul></ul>Carrier Strength
  6. 6.   Practice Matrix <ul><li>Major Practice Areas </li></ul><ul><li>Commercial Property & Casualty </li></ul><ul><ul><li>Medical Device Product Liability, Clinical Trials Liability, Management Liability (D&O), Errors and Omissions (E&O), International Exposures </li></ul></ul><ul><li>Surety Bonding </li></ul><ul><li>Employee Benefits </li></ul><ul><li>Specialty Products & Services </li></ul><ul><li>Life Sciences (Devices, Implants, Pharmaceuticals, CRO’s) </li></ul><ul><li>D&O, EPLI, Fiduciary Insurance </li></ul><ul><li>Intellectual Property Insurance </li></ul><ul><li>Risk Management Services </li></ul><ul><li>Internet Capabilities </li></ul><ul><li>Proprietary Client-Access Web Portal for P&C Program Management </li></ul><ul><li>Full Benefits Administration & Reporting Web Application </li></ul><ul><li>Claims Management </li></ul><ul><li>Assistance during period of recovery </li></ul><ul><li>Liaison between Client & Carrier </li></ul><ul><li>Internal claims management team </li></ul><ul><li>Investigative – Forensic Services </li></ul>
  7. 7. Comparison of Brokers Criteria Small Independent Brokers Publicly Traded Global Brokers Client Service <ul><li>- 94% Client Retention </li></ul><ul><li>- Guaranteed Commitment </li></ul><ul><li>100% of account team members hold industry designations </li></ul><ul><li>24x7 individualized client internet interface for P&C & Benefits accounts management </li></ul><ul><li>- Better at servicing fewer small clients with minimal needs </li></ul><ul><li>Frequently lack the bandwidth to meet the needs of growing clients or special concerns of Life Sciences-Technology clients </li></ul><ul><li>- Talent Migration </li></ul><ul><li>Small to medium clients frequently lost in bureaucracy </li></ul><ul><li>Distracted by conflicting shareholder interests (ex. absorbing acquisitions) </li></ul><ul><li>Reserve Client Internet Access to only largest clients </li></ul>Ability to Market – Terms Pricing <ul><li>Pre-eminent Life Sciences-Technology broker in US </li></ul><ul><li>Key carriers come to us for new policy language, exclusive endorsements </li></ul><ul><li>Marketing Consistency </li></ul><ul><li>Do not offer carriers enough premium volume to have market clout </li></ul><ul><li>Often represent fewer insurance markets, thereby reducing ability to leverage best coverage </li></ul><ul><li>Rarely speaks with unified voice - Dozens of marketers globally, dealing with multiple underwriters </li></ul><ul><li>Inherently conflicted by maximizing shareholder returns </li></ul>Value-Added Resource <ul><li>Highly Skilled Insurance & Risk Management Professional Analysis </li></ul><ul><li>Limited expertise in analyzing technology risk management needs </li></ul><ul><li>Too small for VAR </li></ul><ul><li>Frequently charge additional fees on top of service expenses </li></ul>
  8. 8. <ul><li>Long-Standing Relationships with International Markets (ex. Lloyds, </li></ul><ul><li>Zurich, Bermuda) </li></ul><ul><li>Global Master Programs – Leading International Network in 90 Countries </li></ul><ul><li>Utilization of online resources to </li></ul><ul><li>Provide Global Access to Key Risk Management Services </li></ul><ul><li>Currently Represent Many </li></ul><ul><li>Multinational Firms </li></ul>Global Capabilities
  9. 9. Risk Management Asset Protection <ul><li>Risk Management Services coordinates: </li></ul><ul><li>Disaster Recovery Planning </li></ul><ul><li>Information-Data Protection, Espionage Prevention </li></ul><ul><li>Overseas Travel Security & Safety </li></ul><ul><li>Pre-employment screening </li></ul><ul><li>Internal fraud and theft investigations, Fraud prevention </li></ul><ul><li>Workplace Violence Prevention Programs and Policies </li></ul><ul><li>Intellectual property risk assessments </li></ul><ul><li>Physical plant security and loss control </li></ul>
  10. 10. Sample Service Calendar June, 2011 – Market Account to Technology Insurers July, 2011 – Bind coverage with new expiration date, issue new certificates of insurance September, 2011 – Deliver Policies & Quarterly Coverage Review December, 2011 – Quarterly Coverage Review March, 2012 – Quarterly Coverage Review
  11. 11. <ul><li>Life Sciences expertise </li></ul><ul><li>Reputation and endorsement with clients and associations </li></ul><ul><li>Familiarity with your company, its operations and exposures </li></ul><ul><li>Account team experience and reliability </li></ul><ul><li>Ability to provide ALL forms of insurance and services you need </li></ul><ul><li>In-house loss control expertise and capabilities </li></ul><ul><li>Response Guarantee </li></ul><ul><li>Stewardship Reports </li></ul><ul><li>Service Calendar </li></ul><ul><li>Carrier relationships and reputation </li></ul><ul><li>Commitment to your firm as an individual client </li></ul>Why Choose Us?
  12. 12. <ul><li>Who do you trust to : </li></ul><ul><ul><li>Keep abreast of emerging issues/coverage forms? </li></ul></ul><ul><ul><li>Know your business? </li></ul></ul><ul><ul><li>Respond to your needs? </li></ul></ul><ul><ul><li>Consistently Provide Top Quality Service? </li></ul></ul><ul><ul><li>Obtain Competitive Quotes on Broadest Coverage from Reputable Carriers? </li></ul></ul><ul><li>Who do you feel comfortable working with ? </li></ul>“ The Bottom Line”
  13. 13. Umbrella $2mm 1/20/11 $12,805 $5,308 $1,786 $543 Included $5,130 $2,500 $4,227 Included Contents BPP-$496k IM - $300k BI - $100k 1/20/11 $1mm 1/20/11 Property Products Liability Workers Comp $1mm 2/24/10 Employ Practices $1mm 1/20/11 $1mm 1/20/11 $1mm 1/20/11 Personal Injury Liability Automobile Liability Premises Liability Total - $34,090 Insurance Summary - $1mm 1/20/11 Foreign Liability $1mm 2/24/10 Directors & Officers Fiduciary $1mm 2/24/10 $1,791 $3mm 1/20/11
  14. 14. As Science Looks Forward… Look Forward to BIO.Tech Brokers Michael W Robertson CFE PPS Director 910-805.7124 (Office Direct) 910-777-8918 (Mobile) [email_address]