ACE USA Introduces New Foreign Clinical Trial Coverage

ACE USA, the U.S.-based retail operating division of Bermuda’s ACE Group of Companies, announced the introduction of “Foreign Clinical Trial Coverage,” to be available to U.S.-based life science companies conducting clinical trials overseas. It’s being offered by ACE Medical Risk, an operating division of ACE USA, which provides a wide range of liability products for clients throughout the healthcare industry worldwide.

ACE said its “Medical Risk Foreign Clinical Trial Coverage product will offer up to $25 million in combined limits under a single program for U.S.-based biotechnology, specialty pharmaceutical and non-invasive medical device companies.”

The bulletin explained that the new product is a response to the needs of U.S.-based life science companies, who, in order to save time and costs, increasingly conduct clinical trials of potential new products outside the U.S. “Recent studies have shown that recruiting volunteers is easier in Europe than in the United States. As further demonstration, in Europe, 82 percent of clinical trials miss their enrollment deadlines, compared to 94 percent in the United States, according to a 2004 Thomson CenterWatch survey of European investigative sites and a 2003 survey of U.S. sites.”

“As part of the ACE Group of Companies, a leader in providing global solutions with a powerful international network, our team of insurance professionals with specialized knowledge of the global medical risk market can coordinate the placement of locally-admitted policies as well as superior claims-handling with our overseas offices effectively and efficiently,” stated Lee Farrow, Senior VP-ACE Medical Risk. “Given the growing trend for life sciences companies to conduct clinical trials overseas, it is even more critical to respond to these unique risk management challenges.”

ACE noted the following “Product Highlights:
— Worldwide Coverage
— Worldwide Operating Network
— Locally-Admitted Policies, where required
— Certificates of Insurance
— Claims Coordination Through ACE’s Worldwide Network”

To obtain more information on the actual policies for terms and conditions, or to review additional features and check submission requirements, go to: www.acemedicalrisk.comor www.ace-ina.com. For more information about ACE Medical Risk’s Foreign Clinical Trial coverage, please call Lee Farrow at (646) 458-6969.

Topics USA Europe Chubb