A Chantilly, Va.-based insurance company has developed a new approach to clinical trial and products liability protection that has led to up to a 30% reduction in some premiums.

Medmarc said the new approach means it can offer clinical trial-stage companies and emerging growth enterprises claims-made products liability protection at a lower fixed annual cost.

Medmarc’s minimum premium for policies offered to these companies has been reduced up to 30% and now contains no audit provisions, the company said. In addition, the extended reporting provision (tail) available to clinical trial stage companies contains a one-year period at no cost, a maximum charge of only 100% of the policy premium and a waiver of the self-insured-retention (SIR).

The policy also includes blanket clinical trials and compassionate-use coverage and coverage of medical expenses of clinical trial test subjects regardless of fault at no charge. The limit of protection is $10,000 for each test subject.

Created in 1979 by the healthcare technology industry, Medmarc provides liability insurance protection and related risk management solutions and to support the development, testing and delivery of products that save lives and improve the quality of life. Through strategic alliances with The Hartford Financial Services Group and Biomedic-Insure, Medmarc policyholders have access to all-lines property and liability insurance protection, loss prevention services and claims management services specifically for medical technology and life sciences companies worldwide.