US-based financial services firm Markel has launched a new specialised offering aimed at the life sciences industry.

The new solution, which is available on admitted paper, will offer bespoke solutions for coverages such as clinical trial coverage, and class 1 product recall expense coverage among others. 

The policy also covers the entire product life cycle in the medical device, pharmaceutical, biological, dietary supplement, and cosmetic industries. 

With improved access to this offering, Markel partners will be able to engage with the insurer’s loss control, claims, and underwriting team for the life sciences who understand the requirement for specialised goods and services.

In addition, the firm’s enhanced primary offering is complemented by excess liability solutions for the life sciences market. 

Markel life sciences director Mary Ann Stewart said: “Markel is proud to be an insurance provider that now offers broadened and expanded accessibility for products-completed operations, error or omission, and general liability coverage with our enhanced life sciences liability insurance policy.

“Markel joins a small group of carriers that offer this capability. Our enhanced offering can be paired with a suite of life sciences industry-specific coverage enhancements via endorsement, and underscores Markel’s deep commitment to the life sciences industry.”

Markel Specialty chief underwriting officer Jane Peterson said: “Markel is committed to continuing to address our customers’ unique and emerging exposures by providing specialised, innovative solutions within the life sciences industry.

“We are excited to continue to partner with our brokers and customers to make it easier to obtain admitted coverage.”

In September this year, Markel International, a unit of Markel, launched its new offering for the media and entertainment industry.