Clinical trials are an essential component in the research of new medical treatments, but any clinical trials come with inherent risk. If a trial participant experiences an adverse reaction or doesn’t respond positively to the trial’s investigative treatment, the organizations that sponsor and oversee the trial may be held responsible. Even if a trial sponsor or administrator is ultimately exonerated of responsibility, the mere cost of an allegation can be substantial. Clinical trials insurance is available to help protect trial sponsors and administrators in Massachusetts.
Clinical trials insurance is a highly specialized form of commercial liability insurance. Because the insurance is so specialized, organizations should consult with a knowledgeable insurance agent who’s familiar with this particular form of insurance when purchasing a policy. A knowledgeable agent will be able to explain common risks that trial sponsors and administrators face, and how different insurance coverage might protect against those risks.
Whether clinical trials research insurance is an appropriate protection for an organization to purchase depends on that Massachusetts organization’s specific activities, risk exposures and legal obligations, and organizations should contact an agent for help analyzing their situation.
Nonetheless, this commercial liability insurance is often helpful to a variety of organizations that are involved with clinical trials in some way. For example, the following types of organizations may benefit from having clinical trials research insurance:
What trials a clinical trials research policy covers are determined by the terms, conditions and exclusions of the policy. For instance, some policies might only extend coverage to trials that have been exempted from or successfully filed an application for an Investigational New Drug. Additionally, failing to file the necessary paperwork or not keeping accurate records could possibly jeopardize a policy’s coverage.
The protections offered by clinical trials policies are likewise dependent upon a policy’s terms, conditions and exclusions. A couple of protections that a policy might offer are protection against non-negligent and against negligent harm that trial participants suffer.
Clinical trials policies normally are focused on protecting against trial-related liability risks, and they usually don’t guard against property risks. For the protection of buildings, equipment, inventory and other property, organizations generally have to purchase separate commercial property insurance policies.
Premiums for clinical trials policies vary but are often substantial. Even when they’re substantial, though, premiums are likely a lot less than what a successful claim could cost. Of course, many trial sponsors and administrators are obligated to procure insurance regardless of its cost. Trials frequently can’t begin or move forward without minimum insurance coverages in place.
To get as affordable a rate as possible, organizations can talk with an independent insurance agent when comparing policies. An independent agent has the freedom to look at policies from different insurance companies in the state, which makes it easy to identify the policy that offers all necessary coverages at the most affordable rate.
If your organization needs help finding clinical trials insurance in Massachusetts, contact the independent insurance agents of Garrity Insurance. Our agents have the expertise necessary to help you find a robust policy that’s well-suited for your organization’s needs, and we can recommend policies from multiple different insurance companies.