WARREN, NJ, February 1, 2012-- Life sciences companies can avoid costly delays in beginning clinical trials in China and Brazil by downloading local insurance certificates through WORLDcert. This online system from the Chubb Group of Insurance Companies can now also be used to instantly obtain specimen policy language for trials in many countries where ethics committees require the review of insurance contract terms and conditions.
“WORLDcert enables clinical trial sponsors, their agents and brokers, and contract research organizations to quickly provide ethics committees with evidence that adequate insurance is in place not only in the high-population markets of China and Brazil but throughout the world,” said Frank Goudsmit, vice president and life sciences international manager, Chubb Commercial Insurance. “In the absence of detailed, accurate information on clinical trial liability insurance, an ethics committee may withhold its approval of a trial for months. This could delay the introduction of life-saving or life-extending therapy and shorten the period within which a life sciences company enjoys patent exclusivity.”
Introduced in July 2010, WORLDcert allows users to obtain quotes for and purchase clinical trial liability insurance and immediately modify or generate certificates of insurance for trials in more than 150 countries. Chubb won innovation awards for the system last year from Business Insurance magazine and a group representing the Swiss insurance industry.
Member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers through 8,500 independent agents and brokers worldwide. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia. Additional information on Chubb can be found at www.chubb.com.