Clinical Trials Insurance in Vermont
What is Clinical Trials Insurance?
Running clinical trials is one of the most effective ways to make scientific and medical advancements, but it comes with a substantial amount of liability risk. Clinical trials insurance helps laps that run trials in Vermont insure against some of the risks that accompany their trials.
Clinical trials insurance is a specialized type of commercial insurance that’s designed to meet the specific needs of labs which run clinical trials. Because clinical trials are so unique and high-risk, it’s especially important to work with an insurance agent who focuses on this type of policy when assessing coverage needs and selecting a policy.
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What Institutions in Vermont Need Clinical Research Insurance?
Generally speaking, the majority of institutions that perform clinical trials or research studies in Vermont should have clinical research insurance. In many cases, insurance may be required in order to run a trial.
A few examples of organizations that may need clinical research policies include:
- Medical device manufacturers
- Pharmaceutical drug manufacturers
- Medical laboratories
- Academic institutions that conduct trials
Does Clinical Research Insurance Cover All Clinical Trails?
As is the case with any insurance policy, the specific terms and conditions of a clinical research policy spell out what’s covered by that policy. Depending on a policy’s terms, the policy might only cover trials that are approved by the federal government and have all the necessary paperwork in place.
For example, a policy might only cover trials that have an Investigational New Drug application or exemption from such a requirement in place. If this is a requirement and the paperwork isn’t filed, coverage may be jeopardized.
When setting up a policy, an insurance agent who’s familiar with these types of policies can detail the chosen policy’s exact requirements and make sure that everything needed is in place.
What Protections Does Clinical Research Insurance Provide?
Most clinical research insurance is underwritten as liability insurance, which means the policy normally provides protection in covered situations where an organization is held financially liable for property damage or injury. As is common with liability protection, policies will usually help pay legal defense fees, settlements and judgements associated with covered claims and lawsuits.
The exact protections that clinical research policies provide tend to fall into two types of risks:
- Negligent harm caused to trial participants
- Non-negligent harm caused to trial participants
Non-negligent harm is sometimes referred to as “no-fault compensation.”
Does General Liability Insurance Protect Against Trial-Related Harm?
General liability insurance is another important protection that most organizations which perform clinical trials probably need. There are important distinctions between what general liability and clinical research policies protect against, however.
General liability normally covers common accidents that third-parties — which may include trial participants — sustain. For instance, a common slip-and-fall accident on the way into a trial room would likely come under general liability. These sorts of accidents normally aren’t directly associated with the trial but could happen in almost any business setting.
Clinical research tends to cover only trial-related incidents. If something goes wrong during a trial and causes harm to a participant, for example, this claim would likely fall under clinical research coverage and be excluded from general liability’s protections.
How Much Do Clinical Research Policies Cost?
Clinical research policies vary in price, but they’re usually affordable considering how much a claim can cost. An independent insurance agent who can request quotes from multiple insurers can help institutions find out exactly how much they’d need to pay for a policy.
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