Posts Tagged ‘Liability’

3D printing’s breakthrough in the life science market

March 24, 2016 Leave a comment

16661915478_b89cf8096e_qA new item is being introduced into the life science market and it’s getting wide recognition for being the first of its kind: 3D printing. There has been much talk regarding the world of 3D printing but it has not been previously connected with the life science industry. The FDA has approved the first 3D printing drug, produced by Aprecia Pharmaceuticals and its being made to treat seizures and epilepsy.

The 3D pill hit the market earlier this year and questions as to whether the same guidelines apply to the production are arising. When a new drug is introduced, there are several markers that the company must follow, what companies are wondering now is if the same rules apply for a drug that is being 3D printed. Will there be similar guidelines for equipment use and quality control? Quality assurance has been one of the biggest questions surrounding 3D printing in terms of products; with the product now being of a medical background the quality control guidelines are going to be strictly followed and monitored to be sure the product comes out the same as it would under a mechanically generated pill. Read more…

The rapid growth of the U.S. solar market and the associated risks

August 19, 2015 Leave a comment

solar_sunsetDespite the northeastern states getting hit by one of the worst winters on record, the residential solar market had its best quarter ever. The first quarter, typically the slowest of the year for the solar market, grew 11 percent over the previous quarter and 76 percent over the first quarter of 2014.

Shayle Kann, Senior Vice President at GTM Research, stated that, “Q1 2015 provided a clear glimpse into the role that residential sector will play as a primary driver of not only solar market growth, but the overall electricity generation mix. In the first quarter of this year, the U.S. installed more residential solar than natural gas, and solar on the whole accounted for 51 percent of all new electric generating brought on-line. We expect more than 3 million residential solar installations over the next five years, marked by a broader trend toward customer engagement in energy usage, generation and management.” Read more…

Takeda Pharmaceutical agrees to settlement concerning diabetes drug Actos

gavel_pillsOn Tuesday April 28, Japan’s Takeda Pharmaceutical agreed to a $2.4 billion settlement involving thousands of lawsuits from patients and their family members claiming that the company’s diabetes drug Actos was responsible for causing bladder cancer. Takeda stated that this settlement would resolve the majority of product-liability lawsuits linked to Actos, but a $2.7 billion charge against earnings will be necessary to cover the settlement and costs for defending the outstanding cases.

Takeda, however, did not admit liability. The company’s reason for settling was to “reduce the uncertainties of complex litigation,” and stated that the claims brought forth in the lawsuit were without merit. Takeda also added that Actos’ benefits offset any risks caused by the drug, which is sold in the United States and other countries. Read more…

Planning an IPO? Pre-launch stage calls for critical D&O coverage

September 2, 2014 Leave a comment

ipo_2With IPO activity on pace to increase for the third consecutive year, (112 IPO’s completed in the first half of 2014 alone) the active market has encouraged an unprecedented number of companies, both large and small, to start planning an initial public offering. Yet as several recent cases have shown, many companies involved in the initial or “pre” IPO planning stage fail to consider the numerous liability risks and claims they face, well before they go public. Many may not realize the significance of the pre-IPO period and the exposures presented during this time, which often include organizational shifts, accounting and debt restructuring and other corporate changes. Pre-IPO activities, such as private placement agreements or pre-offering disclosures, can lead to claims from angry investors and others involved in the process if the company fails to launch its IPO. Read more…

What to do when employee drivers rent vehicles

January 27, 2014 Leave a comment

carJimShould employees purchase insurance when renting a car? Over the course of my insurance business, this has been the one question that has been posed by more clients than I can count. It is worth revisiting since this issue is as important to a start-up firm as it is to a Fortune 500 company.

The answer is that it depends on what types of insurance coverage your company currently carries, and whether the employees will be renting in the U.S. or internationally. There are nuances in the coverages purchased to mitigate issues when having employees rent vehicles. It also helps to develop a concise internal protocol to be followed when asked the insurance question.

Starting with the basics, when your employees rent vehicles for business purposes there are two main types of insurance coverages to consider: Liability and Physical Damage. Liability Read more…

Nanoparticles – will they improve our standard of living or kill us?

nanoparticles-in-blueWhat would you say to a product that increases the strength of rope, makes blankets warmer or insulates our houses to keep it cool in the summer and warm in the winter? Most people would respond favorably to a product with these enhancements. But what if it also contained hazardous minerals that led to serious health problems? In the case of the product mentioned above, the result was asbestos. Roughly 21,000 asbestos related deaths are estimated to occur each year. Some time ago the US Government made a prediction that more than 5-million Americans ultimately may die of cancer and other diseases caused by asbestos exposure.

Fast forward to today, where we are on the threshold of nanoparticles ready to remodel the way we live. What is nano? Nanoparticles are very tiny particles measured in nanometers. A nanometer is one millionth of a millimeter – approximately 100,000 times smaller than the diameter of a human hair. Read more…

Risky business: How much is enough when it comes to excess limits?

February 22, 2013 Leave a comment

umbrella policyDespite your best efforts to know and control your exposure to loss, you can be sued. The numbers of law suits filed against companies are rising. Not surprising the size of the settlements are also on the rise. Lawsuits can occur from the most surprising places; an existing contract, a marketing strategy, a company owned automobile, your business activities and your premises.

How much umbrella or excess limits should a business carry? There is no standard formula to answer this question, because the answer is different for every customer based on a number of variables of their business.

Umbrellas and Excess policies are important because they give you additional (higher) limits on multiple policies by purchasing one policy. Most cover General Liability, Automobile, and Read more…