Development of COVID-19 Therapeutics... Clinical Trial Liability Insurance Introduced

[Asia Economy Reporter Oh Hyung-gil] Ace American Insurance announced on the 26th that it will provide clinical trial liability insurance to companies conducting clinical trials for the development of treatments for the novel coronavirus infection (COVID-19).

Ace Insurance explained that it has underwriting expertise and a product portfolio capable of covering risks related to pharmaceutical clinical trials, ranging from single-region safety trials to safety and efficacy trials conducted in multiple countries.

Based on this, it plans to offer the necessary insurance coverage to companies undertaking clinical trials for the development of COVID-19 treatments.

Clinical trial liability insurance compensates for adverse effects on the physical health of clinical trial participants caused by negligence according to the clinical trial protocol and participant consent form, or defects in reagents used in the clinical trial.

Edward Roh, CEO of Ace Insurance, stated, "We will closely monitor the development of antiviral drugs and vaccines related to COVID-19," adding, "We can provide customized clinical trial liability insurance specialized for Korean companies."