Pharmaceutical & Medical Equipment

Product replacement

May fund the replacement of damaged or defective products so customers are not left with an unusable item.

Can include damage by accident, mechanical faults, electrical faults and warranty extension

Extended warranty

Typically covers repair or replacement of a product that fails mechanically or electrically after the manufacturer’s warranty expires.

Can include mechanical or electrical breakdown, labor and parts, damage by accident and interim replacements

Clinical trial

Generally responds to claims from participants and others that arise from testing new drugs, devices or treatments on human subjects.

Can include general liability claims, liability for professional services, liability for investigational products and injury to participants

Professional liability (E&O)

Often pays defense and settlement costs when a pharmaceutical or medical equipment business is accused of negligent advice or services.

Can include professional error, cost of defense and settlements and court awards

Intellectual property

Can cover legal expenses and potential damages if a competitor sues over alleged patent infringement by a new medicine.

Can include patent rights, trademark rights, copyright and trade secret rights

Product liability

Often responds to claims that a medicine or medical device harmed a user through defects in design, manufacture or warnings.

Can include injury to people, damage to property and product defects

Product recall

Generally pays to retrieve, dispose of and replace a medicine or device withdrawn over a defect, contamination or labeling failure.

Can include cost of recall, business interruption, cost of replacements and crisis response

These guides describe types of insurance in general. The right coverage depends on your operations and the terms of the policy issued. Pasaca’s featured lines are cyber insurance, directors and officers (D&O) liability insurance, product liability insurance and aviation insurance.