Berkley Insurance Australia’s Life Sciences Experience: Global Expertise, Local Solutions

Berkley Insurance Australia (BIA) has been delivering tailored insurance solutions to Australian businesses since 2007. As part of the W. R. Berkley Corporation, BIA combines deep local knowledge with international expertise to provide coverage for complex and emerging risks.

A Strategic Step Forward: Launching Life Sciences Liability Insurance

In early 2024, BIA achieved a significant milestone with the launch of its Life Sciences Liability Insurance product. This was not an overnight decision – it was the result of two years of research and development, to support Australia’s life sciences sector with solutions designed to meet the needs of life science businesses.

We collaborated closely with W. R. Berkley Corporation member company, Berkley Life Sciences, a recognised leader in this specialised field. This allowed us to leverage global insights and best practices, delivering purpose-built solutions tailored to the unique needs of the Australian market.

Why Life Sciences?

The decision to introduce a Life Sciences product was a natural evolution for BIA. It aligns seamlessly with our existing Public & Products Liability and Healthcare portfolios, creating a cohesive suite of solutions for businesses operating in health, biotech, pharmaceuticals, and related industries.

By leveraging our global experience and learnings, we aim to assist Australian market participants in managing the complex liability exposures inherent in this dynamic sector.

Key Coverage Features**

Our Life Sciences Liability Insurance is designed to address the unique risks faced by businesses in this sector. Key features include:

Products Liability – coverage for liability to pay compensation for claims alleging bodily injury or property damage caused by products of the Insured.

Clinical Trials Coverage – coverage for liability to pay compensation for claims alleging bodily injury to clinical trial participants (including on a no-fault compensation basis).

Professional Indemnity – coverage for liability to pay compensation for claims alleging professional negligence in research, development, or advisory services as well as product design, labelling, or instructions.

Public Liability – coverage for liability to pay compensation for claims alleging third-party bodily injury or property damage occurring on your premises or during operations.

Tailored Extensions and Endorsements – Optional extensions for product withdrawal expenses, data breach expenses and other bespoke needs.

Supporting Innovation and Growth

The life sciences industry is at the forefront of technological and medical advancements, driving breakthroughs that improve lives and transform healthcare. However, with innovation comes risk—product liability, clinical trials, and regulatory compliance are just a few of the challenges businesses face.

Our Life Sciences Liability Insurance is designed to address these challenges, providing purpose-built solutions tailored to life science businesses.

Important Notice

Berkley Insurance Company (limited company incorporated in Delaware, USA) ABN 53 126 559 706 t/as Berkley Insurance Australia is an APRA authorised general insurer. Information provided is general only, intended for brokers and has been prepared without taking into account any person’s particular objectives, financial situation or needs. Insurance cover is subject to terms, conditions, limits, and exclusions. When making a decision to buy or continue to hold a product, you should review the relevant policy documents.