Property and Business Income Coverage for Life Sciences

• Financial stability
• Experienced leadership, with expert underwriters and claims professionals
• Claims coordination through the Chubb worldwide network
• Advanced customer focused technology
• Industry-leading global network and product breadth
• Locally-admitted policies in most countries, including South America and the Middle East, where coverage may not be readily available
• Ability to deliver insurance solutions on a global basis with a coordinated approach and dependable quality
• Flexibility and structure of programs including quota share arrangements

Property

• Automatic blanket limit of $500,000 applies to up to 12 Coverages in the property insurance contract, allowing insurance dollars to be allocated where they are needed most following a loss. Additional limits may be purchased.
• Broad “all-risk” property perils included, such as water damage, collapse, abrupt and accidental mechanical breakdown.
• “All-risk” Change in controlled environment insurance applies to spoilage of perishable property at owned locations, unnamed and newly acquired locations and in transit.
• Contamination including bacteria, mold, mildew, microorganisms, viruses, pathogens, radiation or airborne microbes. Coverage is afforded at scheduled, unnamed and newly acquired locations.
• Condemnation of undamaged stock by government authority insurance applies when stock has not suffered any direct physical loss or damage, but has been condemned by a regulatory authority in the wake of an insured property loss.
• Research and development property includes processes or cultures, prototypes and formulas produced and directly associated with research and development operations.  Research and development property is insured against broad all-risk property perils, including disappearance and errors in system programming.
• Contamination cleanup and removal insurance responds to costs incurred to clean up or remove contaminants, including radioactive contaminants from land, water or air.
• Failure to Meet Specifications insurance provides coverage for property which suffers a reduction in value from to a covered peril, even in the absence of direct physical loss or damage to property.

Business Income

• Operational restoration extends business income protection beyond physical restoration of property. Loss continues to be paid until operations are restored to the level that would have existed but for the covered property loss, a period of time that includes revalidation of the plant by regulatory authorities.
• Extra Expense insurance is included without sublimit. Extra Expense can be used to avoid or minimize a business income loss.
• Dependent business premises is included with a $250,000 worldwide limit. Higher limits are available at scheduled locations. Responds to business income losses you incur when covered direct physical loss or damage occurs at a supplier’s or customer’s premises.
• Research and development income includes continuing normal operating and payroll expenses for research and development operations, even when a company is not generating a profit; as well as net profit from milestone payments or other financial contributions that you would have earned if the covered property loss had not occurred.
• New product delay insurance allows you to recover lost income arising out of a delay in bringing a new product, or an enhancement to an existing product to market in the wake of a property claim.