Transcription
Lynn Carney 0:05
Good morning. I'm Lynn Carney with Medmarc and I am thrilled to be here at Life Science International sponsoring and meeting all of you great people, I'm gonna give you a quick minute of what med Mark does. So we were founded in 1979 by 31 members of Abiomed. And we retained that today, we are still part of the industry sponsoring events, speaking at them, giving out advice, on contracts, etc. So we can help you get your product to market while managing your risk. We have a booth here, you can welcome to come out and talk to us about it. So what we offer we offer insurance claims and risk management. So our insurance offerings, we offer product liability errors and omissions, excess liability, we have a 10 million capacity. And we do phase one human clinical trials to up to your big name brand name brand multinationals. Our appetite We do everything from your simple gauze to your artificial hearts. So we've ensured over a trillion and grow a trillion and global sales. We currently have over 1 million clinical trial participants insured, we offer true worldwide coverage, we'll get to that in just a minute. We insure companies of all sizes, and the majority of our clients are under 10 million in sales or clinical trials. So we also offer our since we only do products liability, we have a strategic partner to offer your other insurance, your Bob, your work comp, auto, that kind of stuff. And I handle that as well. So back to the true worldwide coverage. A lot of our competitors say they offer worldwide coverage, but when you have a claim they require you to bring it back to the United States. We do not we will defend you anywhere in the world with the exceptions of North Korea and Iran, for obvious reasons. So does your policy have an excluded products? This is a question we want to ask you all to look at your your policy, a lot of our competitors have a very long list of excluded products. And you don't know if they're going to add one next year. And you know, they do have to send you a notice but you might not see it, you know might be hidden somewhere. And then a component of your product could easily be excluded from your coverage. We've in our 31 or 44 years have only excluded one product. And that's opioids due to ongoing litigation. So do you have dedicated life lifetimes claim representatives are claims representatives only do product liability, medical device product liability. So if you're at a competitor, they'll be doing a Truck Rollover one day and then your claim the next who's going to handle that claim better. Our claims representatives know the science, they understand the terminology. And they have the knowledge to keep your name out of the press as well. So our risk management offerings, we have risk management attorneys that can review your contracts they go through, they don't write your contract for you, but they can recommend you to you know, take the risk you're supposed to take but make sure you're not taking on your CMOS risk or your distributors risk. You want to take on your risk and not other companies. They also offer training classes and I've put a few of them up here. And they do on site reviews. They go to the factory floor and do recommendations for risk management, you know, outside of what the FDA does, you know, just try to minimize your risk. So our claims department is handled over 22,000 claims attorneys, our defense network, our specialist, and a defense strategy med Mark invented was has gone to the US Supreme Court three times and prevailed. So we handle claims from first dollar we don't use a third party administrator. Again, you're getting your experts in life science claims. And why does it matter? You know, med device claims have high sediment potential. You know we're there know a lot about they learn and learn at a meatery intermediary preemption and regulatory concerns FDA and the EU that how they work together or don't. So you can certainly go where I have a booth out in the rotunda. My colleague George and I are here, the entire conference and we look forward to seeing you
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