Life Sciences Insurance
Life Sciences Insurance
Quality insurance solutions for companies focused on quality of life
Spanning any business that develops, manufactures, or distributes products that prevent, diagnose, treat, or cure disease in humans or animals, the specialists at Amwins understand the unique demands of the life sciences industry.
However, the everchanging regulatory, consumer trend, and litigation landscapes present significant challenges for these businesses.
That’s why it’s critical to partner with a wholesale broker with deep knowledge of exposures, insurance coverages, and carriers operating in the life science and nutraceutical industries to ensure your clients are properly protected.
Life Science Insurance Expertise
Amwins' specialists have been highly respected in the life sciences space for decades. Our credentials include partnering with key carriers to develop industry standard policy forms and building exclusive products – all to propel coverage in this space forward and add value to our clients.
Through strong relationships with top carriers, we can provide tailored insurance solutions for a broad range of companies and products, including but not limited to:
- Biologics and biosimilars (animal and human)
- Biotechnology
- Cannabis, CBD, and hemp products
- Clinical Research and clinical trial organizations
- Cosmetics
- Dietary and nutrition supplements
- Essential oils
- Medical devices (manufacturers and distributors)
- Over the counter (OTC) products
- Nutraceutical Pharmaceuticals (branded and generic)
- Vitamin supplements
- Vaccines
- Veterinary products
- Wellness products
- Weight loss products
Coverage Solutions
With tailored coverage and expert guidance, your clients can innovate fearlessly, knowing that their ventures are secure.
From dietary supplements and nutraceuticals to healthcare and wellness products, exposures faced by life sciences companies vary as widely as the products they create and health needs they serve.
Our brokers stay on top of coverage trends to build a policy that provides optimal protection, including but not limited to the following insurance products.
- Auto / Inland Marine
- Commercial Auto
- Cyber Liability
- E&O
- Environmental / Pollution Liability
- Excess/Umbrella
- General Liability
- Miscellaneous Medical & Professional
- Packages (Property, General Liability, Inland Marine, Crime, Auto)
- Premises Liability
- Product Recall
- Products Liability / Nutritional Products Liability
- Products Completed Operations
- Property
- Umbrella / Excess Liability
- Workers’ Compensation
In-house life-science programs
Cannabis P&C | Amwins
Cannabis coverage that grows and expands with the industry.
74% of Americans now live in a state where recreational or medical marijuana use is legal*, and federally legal hemp products are seeing explosive growth. Cannabis businesses are faced with unique challenges, and dedicated, agile cannabis insurance experts are hard to find.
Trust Amwins Program Underwriters’ cannabis experts to provide industry-specific coverages for property, general liability, products and more. With low minimum premiums, simple application requirements, and efficient turnarounds, we are a one-stop shop insurance solution for your cannabis risks.
*Source: Pew Research Center
Property highlights
Our property coverage is straightforward and streamlined to meet the needs of practical cannabis operators. We are proud to offer simplified inventory and crop coverage, robust coverage for equipment breakdown, and clear, flexible forms. Backed by a reputable “A-" XII rated carrier and “A++” XV reinsurance partner, coverage is available on a monoline basis or packaged with GL and Inland Marine.
Highlights include:
- Up to $15m TIV per location
- No coinsurance on stock or crop
- Three simplified inventory limits – living plants, harvested/in process, and finished stock
- No arbitrary per-plant valuations with separate limits at each stage of growth
- $100k or $250k sublimit for theft of finished stock kept outside safe or vault
- ISO base forms with minimal proprietary endorsements
Eligible accounts
- Consultants
- Cultivation (indoor & outdoor)
- Delivery companies/distribution/transport
- Dispensaries/retail
- Habitational – incidental exposures acceptable
- Hemp/CBD/minor cannabinoids
- Laboratories/testing
- Lessor’s risk
- Mixed-use acceptable, including non-cannabis tenants and incidental habitational
- Manufacturers (extraction/bakeries/infused products)
- Wholesalers
Coverage
- Property - available monoline or packaged
- Building and tenants improvements
- Business personal property
- Business income/extra expense
- Cannabis inventory
- Property enhancement includes employee dishonesty, spoilage, sewer backup, and more
- Equipment breakdown
- Includes full policy limits for business income as well as building/improvements, equipment & BPP
- General liability
- Premises liability (occurrence or claims made)
- Product liability (claims made only)
- Hired & Non-Owned Auto - incidental exposures only (no delivery)
- Assault & battery
- Off-premise coverage extension for trade shows and/or deliveries/distribution
- Inland marine
- Contractors’ equipment
- Scheduled property
- Property in transit endorsement
- Limits up to $50k/$100k available by endorsement to property policy (higher limits available on our separate Cannabis Cargo policy).
- Coverage not limited to scheduled vehicles/drivers
Program Details
Availability
Available in all U.S. states where cannabis or hemp is legal.
Minimum premium
$750
Limits
- General liability – up to $2m/$2m
- Products liability – up to $1m/$2m
- Property – up to $15m/location
Carrier
Non-admitted; AM Best “A-” rated (Excellent)
Submissions requirements
- Cannabis application
- SOV preferred (required for multiple locations)
- Current loss runs (new ventures are eligible)
Send submissions to cannabis.apu@amwins.com
- Recreation
- Specialty Programs
Expertise
With Amwins by your side, you gain access to a wealth of industry knowledge and unparalleled life sciences insurance expertise.
Complex claims advocacy
From designing a proactive claims management plan to engaging on difficult and complex claims, Amwins supports you when you need us most.
Legal counsel access
Amwins offers access to legal counsel, including advising and representation to help protect your clients' assets.
$500M
annual premium placements
55+
specialty life science market relationships
Applications
- Product Contamination Generic Application
- Life Sciences Liability Application
- Nutrarisk – H&L / CBD Application
- Nutrarisk – Health, Nutrition, and Lifestyle Application
- Nutrarisk – Wellness Application
- Marijuana and Hemp Business Application
- Cannabis Application
- Hemp Farming Application
- Commercial Lessor’s Risk Only Supplemental Application
- Cannabis Testing Lab Application
Life Sciences resources + insights
