Using their knowledge of and experience with the insurance industry coupled with knowledge of scientific literature, and medical and litigation risks of chemical compounds, members of our group perform risk assessments for our clients. Those assessments are used as part of the company’s due diligence for product acquisitions and mergers, and in acquiring and/or reducing premiums for product liability insurance. In fact, our team members often participate in presentations relating to the risk assessments to the company’s board of directors or insurance underwriters.
The services we provide to clients in this area include an in-depth review of the scientific literature involving particular chemical compounds, as well as an analysis of potential liability. In addition, utilizing a fully-searchable database of every adverse event reported to the FDA since 1969 for every pharmaceutical product sold in the United States, statistics are compiled that reflect the major adverse events for that chemical compound.
Our risk assessment services have resulted in significant savings for our clients in procuring product liability insurance for their products and in companies obtaining insurance coverage for products that otherwise might not have been available. The services also have assisted top decision makers at those companies in determining product areas to expand or contract.