By: Barrie Quappé MPA, RN, BSN – Consultant/Director:
As clinical research projects are increasingly attracted to the Cayman Islands, ‘nuts and bolts’ type questions will arise such as insurance coverage. How much do you know about Clinical Research Associate Insurance? (CM&F Group, Inc.)
Take a read of this: “”Occurrence” or “Claims Made” refers to the type of coverage you would be purchasing. This affects when you are able to report a claim on a “Claims Made” policy while the policy is active. For instance, if you let your policy expire, and then six months later a former patient brings a lawsuit against you for an incident which occurred during the policy period, a “Claims Made” policy would no longer cover that claim (unless you purchased an Extended Reporting Endorsement, or “Tail Coverage”).
An “Occurrence” policy covers you indefinitely for incidents that occur within the policy period, meaning you are covered for the time period during which you had the policy, even if it is no longer active. It is essentially the same as a “Claims Made” policy with a built in “Tail.” (CM&F Group, Inc.)
Researching this topic online, there is a dizzying array of options, types and policies specific to the type of research being done, whether pharmaceutical, surgical technique/device or low risk devices. Medmark insurance states that they offer:
“Global Products Liability & Clinical Trial Coverage for Medical Devices and Life Sciences Manufacturers and Distributors.” (mynewmarkets.com )
24/7 Coverage Portable Coverage and numerous other types of coverage are out there. Yet, are they applicable to Cayman? Typically, any company that does business with persons in the Cayman Islands should be on the ‘approved list’ on the Cayman Islands Monetary Authority [CIMA] website. If you have a relationship with one of the local brokerage companies, that is most likely the best place to look into this further. The point is, look before you start and get covered. The saying applies:
“Success is where preparation and opportunity meet” (Bobby Unser)
Clinical Research in the Cayman Islands is an exciting new possible leg to our economy. But just as our Financial and Tourism industries were carefully constructed in the early years, so too does Clinical research demand attention to detail now in order to build a strong third economic leg for tomorrow.