Why brokers are essential for clinical trial insurance

Arranging Clinical Trial Insurance is easy. There, the cat’s out of the bag.

It’s not complicated, it doesn’t take weeks to obtain a quote and there are no lengthy forms to complete. So why do you need to use a broker with expertise in this area?

Not just one quote

As a sponsor or a clinical research organisation, you probably need 3 or 4 quotations. Although the premium is important, it is also imperative to have the right cover in place. The underlying cover is likely to be the same across the quotations but there can be differences in the extended reporting periods, meaning that sometimes the lowest premium is not always the right solution. I have access to multiple insurers.

Time factors – I meet your deadlines

As part of their due diligence, an Ethics Committee will undoubtedly need to see that an insurance is in place before giving approval of the trial. Sometimes this means that the insurance coverage is in place well before the first participant involvement. I am acutely aware that tight deadlines will apply and that delays also often occur. I work with you and my insurers to resolve situations of this nature.

Knowledge is key and expertise matters

I have very little medical knowledge, but when it comes to arranging this type of insurance, I don’t need it. I do need to know the information that insurers require and the factors that determine the rating of the premium. With experience, I can normally tell if insurers will consider a high-risk trial and I am often able to indicate what the minimum premium level might be.

Whether your trial is taking place in the UK or further afield, my message is the same; it is reasonably straightforward to obtain quotations quickly.

It is good to speak, so call me with any questions.

And for more detailed information visit the clinical trial page on our website.