TMK launches life sciences cover

TMK has launched its first life science insurance product, combining intellectual property and cyber coverage, product liability, professional indemnity, medical malpractice, public liability and clinical trials – all under one policy.

IntelliMed 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 suitable for small R&D to larger as well as more established businesses operating worldwide outside the US. Clients that could benefit include companies specialising in medical devices, pharmaceuticals, biotechnology, clinical trials, skincare, nutraceuticals, veterinary drugs, medtech, apps and telemedicine services, alongside clinical research organisations.

The launch follows the appointment of Kirsten Shastri as TMK’s head of life sciences in October.

Shastri said: “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.”

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. We are excited to meet client needs in a new way and provide protection for their most valuable assets.”

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