Markel launches clinical trials product to support global research

Markel has announced the international launch of its clinical trials insurance product.

The new proposition provides comprehensive cover to sponsors, researchers and participants throughout all phases of clinical research.

As part of the offering, Markel offers same-day turnaround for quotes, certificates and policy documents through its automated document platform – enabling clinical trials to start promptly and meet regulatory deadlines.

Robert Hannaford, senior underwriter for life science at Markel, said: “We do not want insurance to be a delaying factor to allowing important clinical research to begin, which is why we’ve produced a customer-centric product that streamlines all parts of the insurance value chain to prioritise service.

“We look forward to supporting innovation in the life science industry by continuing to deliver effective risk transfer solutions for future lifesaving treatments through open communication, dialogue and transparency with our brokers, insurers and trading partners.”

Global compliance

The offering is tailored to meet the regulatory requirements of over 100 territories, ensuring global compliance for clinical research.

Hannaford explained: “Clinical trials insurance is a regulatory requirement in many countries and it’s often the last hurdle to get approval to begin clinical research. Delays to this process can result in sizeable costs, reputational damage and suspend vital research from going ahead for sponsors and researchers.

“At Markel, we understand the time-sensitive nature of these requests and have developed a compliant solution – backed by our expert underwriting and award-winning claims service, making sure clients are fully protected to carry out the clinical research of products worldwide.”