Most Life Science companies deal with a number of contracts and agreements containing language that outlines their responsibilities in the event of an adverse event. These documents along with insurance requirements create opportunities to “push back” or clarify risk potential.
Collaborations, Protocols, CRO and Site Agreements, and Informed Consents are all good examples of contracts that require a Life Science company to define or limit the extent of their responsibility.
Corporate lawyers work many hours crafting and negotiating the contracts of their clients. Many times however, their focus is on the legal enforceability of the contract and not the risk management aspect.
For instance, what is the difference in using the wording “gross negligence” versus “negligence” in an indemnification provision?
Seeming minor variations in wording can have a profound effect on the coverage a policy provides.
As an “Outsourced Risk Manager”, RCM&D offers expert Risk Management Opinions on the many types of contracts Life Science companies encounter. Our experienced team comprised of lawyers, nurses and professionals with a broad range of knowledge of the Life Science Industry, review these contracts on our clients’ behalf offering ideas that further insulate them from unnecessary or avoidable risks.
This service not only provides our clients with additional protection in case of a loss, but it also makes them better risks for insurance companies. This frequently translates into lower premiums and enhanced terms, conditions and limits.
