The Navigators Group Inc. announced that its principal underwriting agency subsidiary, Navigators Management Company, Inc., has introduced a combined Products-Completed Operations and Errors & Omissions Liability insurance product called "Life Sciences Research Related Liability Coverage," specifically created for contract research organizations (CROs).
"Despite the economic recession, the CRO industry has been on the rise in the life sciences sector," says Lyn Rossano, Senior Vice President and Global Practice Leader for Life Sciences at Navigators. "It's critical that CROs meet this rising demand without exposing themselves to costly professional liability, which is why we provide this tailored product."
"Life Sciences Research Related Liability Coverage" is designed for eligible CROs who work with biologics, pharmaceutical and medical device development companies on an annual or project length policy with a capacity of up to $10 million.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York City, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words "estimate," "expect," "believe," "may," "will," "intend," "continue" or similar expressions are intended to identify such forward-looking statements. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators' most recent Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators' business and the important factors that may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.