Professional Liability Insurance and Research Trials

Doctor Outside of LabToday we are focusing on physicians who perform research trials. While not all doctors perform them, a lot do. And, because performing research trials is different from providing traditional medical care, there are two key issues, from a professional liability insurance perspective, that physicians should be aware of.

1. Often, physicians do not mention to their insurance agent or insurance company that they conduct research trials, or, they take on this activity after their policy has been written without informing their agent.
2. Related to this, physicians do not ask their agents or companies if their current standard policy covers them if they perform research trials. There are some exceptions and some standard policies may cover research trials, but it is rare.

Here’s the Nuts and Bolts of Research Trial Coverage:

In most instances, the coverage for research trials is obtained from a surplus lines/non-admitted company. And, in most states, doctors will have about 6-12 professional liability insurance companies to choose from to cover this risk. As one would expect, the information that is key to determining the research trial professional liability insurance cost is: 1) a detailed description of the trial(s), including: length of study, breadth of study, state it is taking place in, and number of patients participating, 2) proof of coverage by the pharmaceutical companies and/or medical centers affiliated with the trial, 3) CV and 4) copy of the doctor’s medical license. Quotes are usually back within a week.

The most common type of solo clinical research policy is a claims-made type of policy. (A claims-made policy is a professional liability insurance policy that has a retroactive start date when the coverage begins.)

So, if you are a physician who performs research trials, and would like more information about this type of professional liability coverage, or a free quote, contact us at MyMedicalMalpracticeInsurance today.

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