Clinical Trials Insurance in Massachusetts

What is Clinical Trials Insurance?

Running clinical trials comes with accepted risks, for adverse reactions and lack of response among participants can lead to allegations and lawsuits. Clinical trials insurance may help protect Massachusetts sponsors and administrators of trials from some of these risks.

Clinical trials insurance is highly specialized commercial liability insurance. Like most liability insurance policies, it will normally defray attorney fees, court fees, settlements and judgments arising from covered lawsuits. In most cases, the insurance will begin to pay these costs regardless of the outcome of a suit.

Because clinical trials policies are so specialized, sponsors and administrators should work closely with an insurance agent who knows these policies well when selecting coverage. Someone who’s familiar with the details of these policies will be able to help organizations ensure that they’re well protected.

What Organizations in Massachusetts Should Carry Clinical Trials Research Insurance?

A range of organizations that are involved in clinical trials might benefit from the protections that clinical trials research insurance affords. For instance, many of the following Massachusetts organizations could potentially want the coverage:

Hospitals Running Trials

Medical Device Developers

Medical Laboratories

Medical-Related Government Agencies

Medical Schools

Medication Researchers

Pharmaceutical Corporations

Vaccine Researchers

Whether an organization needs the coverage depends on the specifics of its involvement with clinical trials. An agent who’s familiar with these policies can provide an informed recommendation after reviewing the particulars of an organization’s involvement.

What Types of Clinical Trials Are Covered by Clinical Trials Research Insurance?

Clinical trials research insurance policies might cover a variety of trials, but exactly what a policy covers is determined by the policy's terms and can vary. Some policies may cover only trials that have filed an Investigated New Drug application or are exempt from the requirement. Others might have different terms that allow for covering other types of trails.

Additionally, many policies have stipulations on what records must be kept during a trial. Failure to keep the necessary records could jeopardize a policy’s coverage.

What Protections Does Clinical Trials Research Insurance Provide?

Clinical trials research policies might offer protection against negligent and against non-negligent harm that participants suffer. Again, the exact protections that a policy extends are determined by that policy’s terms and conditions.

Are Property Risks Covered by Clinical Trials Policies?

Because clinical trials policies are generally underwritten as commercial liability policies, they usually don’t offer any protection for property damage or loss. For example, damage that occurs during a storm or equipment that’s stolen probably won’t be covered by these policies.

Commercial property policies are readily available and offer various protections for buildings, equipment and supplies. These may be bundled together with a clinical trials policy in some cases.

How Much Do Clinical Trials Policies Cost?

The premiums charged for clinical trials policies often aren’t inexpensive, but paying these premiums is generally necessary. Coverage is required in most situations, and the premiums are almost certainly less than what a major liability lawsuit could cost to defend and settle.

To find out how much coverage for a specific trial will cost, organizations can consult with an independent insurance agent. Independent agents can compare policy options from many different insurance companies, thus making it easy to see which policy has the lowest premiums while still providing the desired protection.

How Can Massachusetts Organizations That Run Trials Get Clinical Trials Insurance?

For help finding clinical trials insurance in Massachusetts, contact the independent insurance agents at Roger Butler Insurance. Our agents are well-versed in these policies, and they’ll make sure you get one that provides robust protections for your clinical trials.