JLT on the benefits of non-damage business interruption cover
JLT Specialty says it is receiving growing interest in its EPIC (Earnings and Product Integrity Cover) product.
The non-damage business interruption policy has been developed by Life Science industry experts to mitigate the financial impact of a range of risks.
According to the broker, these risks can significantly damage company revenue streams and market share over a prolonged period and have become a cause of major concern to the pharma industry in recent years.
The firm’s partner, specialist Life Science team, James Bird, comments: “We have found that the growing demand for our EPIC product is due in the main to three key risks: regulatory, intellectual property and counterfeiting.”
He adds: “These are some of the most potentially damaging to pharmaceutical company income streams and are not covered under traditional insurance placements”.
On the regulatory environment, Mr Bird explains that over the last decade, the pharma industry’s dependence on outsourced manufacturers has risen dramatically.
However, regulators are only now catching up with these trends, “increasing the frequency and vigour of facility inspections and extending their influence to an ever wider range of territories”.
Category: Business Insurance News, Insurance News, Jardine Lloyd Thompson News
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