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1st July, 2009
CFC Underwriting enters Life Sciences market
 Specialist lines underwriting agency CFC announces today the launch of Biosurance™ R&D a blended policy specifically designed for research and development companies in the Life Sciences industry.
In what represents a natural extension of its expertise in technology, CFC has developed Biosurance™ R&D. The move comes in response to broker requests for a more complete solution to the risks faced by companies in the discovery and development of new drugs and medical technology. Product development has been led by underwriter, Andrew Tamworth who joined CFC in January 2009 and brings over seven years' experience of Life Sciences insurance.
Biosurance™ R&D, which is backed 100% by Lloyd's syndicates, offers a seamless package of property and liability insurances for R&D companies. Key features include cover for R&D stock throughout the supply chain and in transit worldwide; flexible first loss business interruption and damage caused by ideologically motivated attack.
CFC's business development director, Graeme Newman explains the approach. "This sector of the industry generates a £200 million insurance market, but until now it has been dominated by a handful of large incumbents. We have taken a fresh look and applied our innovative underwriting criteria to develop seamless cover for the whole life cycle of product development, making sure it suits the specific requirements of this emerging sector."
Tamworth was attracted to CFC by this dynamic approach: "This is a specialist and complex market and CFC has given me the chance to produce a ground breaking product that really gets to the root of the risks faced by companies within it. Our product will help brokers to give added value to their clients, with benefits that they won't have been offered before. In our early discussions with brokers, our new approach has attracted a lot of interest and support."
Cover applies worldwide reflecting the international scope of these firms' activities
and includes: Property Damage, Ideologically Motivated Attack, BI, EL, PL, Pollution and Contamination, Products & Services Liability (PI, breach of contract, IP rights infringement etc) D&O and Clinical Trials liability.
For more information contact Isobel Cooley at Spotlight Communications on 07525 211473
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