A leading US carrier has created a rare product liability policy for companies operating in the life sciences sector.

CNA launched the Life Sciences Products-Work Hazard policy this week. The policy, written in the admitted market, offers claims-made product liability coverage on a worldwide basis. With minimum premiums starting at $2,500, the CNA policy is available even to smaller risks.

This is a key market for CNA and a differentiator for current life sciences products, said Ryann H. Elliot, vice president of underwriting with the company.

“Often, smaller life sciences companies do not address their potential product and professional insurance needs because their product is either in the pre-clinical or clinical trial phase, or they’ve been put off by the cost off the insurance,” Elliot said.

Limits of up to $10 million in the aggregate are available, and coverage can be expanded to include professional and technology liability on a combined, endorsed form.

The product is currently available in 30 states and is pending in additional areas.

CNA considers the life sciences sector to include companies, distributors and wholesalers involved in pharmaceutical and nutraceutical products; biotechnology and biosimilar products; medical devices; research, development and clinical trials for pharmaceutical drugs, bioloigics and medical devices; contract research organizations and university-based medical centers and other independent facilities engaged in clinical trials.