Protecting R&D Materials

Protecting R&D Materials

What do we mean by R&D materials?
R&D materials are all property and materials deployed in and resulting from research & development operations.  This includes cell lines and cultures, clinical trial samples models, moulds and prototypes.  It may also include written, printed or inscribed documents, lab books, plans, records, formulas or processes. 

Why is specialist insurance required?
The business model of many biotechnology firms often places great importance upon R&D operations – and R&D materials resulting from those operations are often stored in controlled environments such as freezers, refrigerators or Dewars.  Deterioration of R&D materials – through accident, malfunction, loss of refrigerant or interruption to the power supply – could have a disastrous effect on the business.  Standard commercial insurance policies don’t adequately address this exposure, so specialist insurance is vital.

How does the insurance coverage work?
Specialist insurance will pay for the reinstatement, reproduction or recreation of R&D materials following their loss or deterioration.

How do I value my R&D materials?
The insurance pays for recreation of R&D materials.  The insured value of these materials must therefore take account of the cost of both the raw materials involved in their commissioning and the accumulated investment in processes, labour and other costs involved in their production. 

Consider the following when valuing your R&D materials:

  • The cost of pre-R&D raw materials
  • Personnel expenditure (work out the hourly rates for your technical & senior staff)
  • The cost of consumables
  • Regulatory & other compliance costs
  • If your R&D activities led you down a path that, with the benefit of hindsight, you now understand you would not need to replicate you can deduct such costs from the overall total

And remember…
You may need to increase your R&D insurance values around critical development ‘bottlenecks’, like R&D milestones or in the run-up to product or clinical trials when the stocks of R&D materials are often significantly higher than normal.  You may also need to insure R&D materials being held at the premises of your partners, like outsourced manufacturers or CROs.

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Colin, Managing Director, Qros Ltd


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About La Playa Science & Technology

Specialist & Independent

Specialist & Independent

La Playa's specialist Science & Tech team can help you protect your business with smart, flexible, high-performance insurance - with a friendly human UI. We understand the risks and pressures you face - and we speak your language.  We’ll support you with great advice - helping you make good decisions for your business. 

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We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

Tech-based business is 24/7, global and borderless, exposing you to new risks and liabilities - often in unfamiliar places. As the law struggles to keep pace with technology, insurance can provide a real safety net if you fall foul of changing legislation.

  • Specialist insurance for science and technology
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture

Seamless insurance across UK and US

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
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*subject to availability with our insurer panel

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