Brief Note on Clinical Trial Insurance
Meaning –
This insurance plan provides coverage for legal liabilities arising from clinical trials. Clinical trials involve scientific tests and treatments conducted on individuals to assess the effectiveness of a medicine or medication. The insurance encompasses protection for physical injuries, loss of data, or damage to property occurring during the trial.
Coverage –
This insurance policy should be among the top priorities for a research institute. The policy provides comprehensive coverage, including:
Personal damage: Encompassing compensatory, monetary, and statutory compensation for physical injury or illness suffered by participants during medical tests conducted as part of the clinical trial.
Material damage: Extending coverage to damage incurred by equipment used in the clinical trial.
Data breach: Covering expenses associated with data breaches directly related to the clinical trial, ensuring protection in case of data loss.
Extended period offering: Extending coverage beyond the policy period, allowing for the possibility of receiving claims for trials conducted within the policy period even after its expiration.
Cross liability: Providing coverage for multiple insured candidates, while maintaining a consistent total liability amount.
Exclusions –
Clinical trial policies do not provide coverage for liability associated with the following damages resulting from the test:
Genetic damage
Claims from individuals with pre-existing medical conditions that contribute to physical injury during the medical test
Intentional non-compliance with provided experiment instructions by the research subject
Bodily injury stemming from addiction, even if the addiction developed as a result of the test
Expenses arising from unwanted pregnancy or incorrect conception related to the insured clinical trial
Damage costs excluding any offset, return, fees, charges, or commissions previously agreed upon by the company to be paid to the research subject
Compensation for immaterial damages such as pain and suffering
Punitive or exemplary damages as determined by foreign law.
Benefits of Clinical Trial Insurance –
Below are some benefits of availing Clinical Trial Insurance:
It provides compensation for all bodily injuries arising from a single incident during the insurance period.
The option to file a claim extends throughout the insurance period, allowing beneficiaries to address potential claims against the business in the future.
Coverage includes legal fees for lawyers engaged by businesses to negotiate and reach agreements on compensation amounts with claimants.
Basis of Indemnity –
The indemnity basis is structured on both an Aggregate Limit, representing the maximum insurance limit for all claims under the policy (AOY), and distinct individual limits for each single claim (AOA).
Payments made under the policy will not surpass the Aggregate Limit and the corresponding individual limit. Both the Aggregate Limit of Insurance and individual limits will be diminished by the amount of any payment made under the policy and the respective coverage.
Indemnity Limit –
There will be an Aggregate Limit, denoting the maximum insurance limit for all claims under the policy (AOY), and a separate individual limit for a single claim (AOA). The insured will bear any loss exceeding these specified limits.
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