Financial loss claims examples

As a biomedical or life science business you face a number of risks on a daily basis.  To help you understand the financial risks you face, we have highlighted below some recent claims examples from your industry.  Contact us to find out how to protect yourself from similar situations.   

Products financial loss

A company designs and manufactures a drug delivery system. They supply the device to their customer who fills the device with a drug. The device supplied to the customer is defective. There has been no injury or property damage claim and the company is not providing a service. The customer sues for pure financial loss in respect of negligence and breach of contract.

Regulatory services

A company provides regulatory services to overseas pharmaceutical companies to enable them to license their products in the European Union. The company fails in the application process which results in a pure financial loss to the customer.

Contract manufacturing organisation

A precision engineer manufactures orthopaedic implants on behalf of their customer. The implant is not manufactured to the customer’s specification. The implants are found to be defective. The losses arising from the injury claim and the loss of market of the customer are covered.

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Tags: Claims, Life science, Technology, Underinsurance

Categories: Claims, Technology and Life Science

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