Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that exis...

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Aug 24, 2020

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Company Details
Address: 14280 Park Meadow Drive, Suite 300
City: Chantilly
State: VA
ZIP Code: 20151
Phone Number: 703-652-1300
Website: https://www.medmarc.com/About-Us/Pages/About-Medmarc.aspx
Year Founded: 1979
AM Best Rating: A
Company Rating 0 (0 reviews)

Things to Remember...

  • Medmarc specializes in coverage for life sciences and medical technology companies
  • The life sciences and medical technology industry has a unique set of risk factors
  • Medmarc provides coverage that is designed to protect their clients against these risks

Medmarc Insurance Company carries a variety of products including business auto insurance; however, they do not offer any sort of personal auto insurance.

Medmarc has joined forces with The Hartford and Biomedical Insure to offer its clients a variety of liability protection.

The life sciences and medical technology industry has a unique set of factors that made specialized insurance important. The types of accidents or consumer risk that can take place are different than with any other industry.

Even though Medmarc does not offer personal auto insurance coverage, you can still compare auto insurance rates by entering your zip code in the free box now!

Medmarc Insurance Products

The biggest risk factor within this industry is clinical trials. Clinical trials are conducted by these industries before products are approved by the FDA and released for marketing and sales.

There are unique risks with conducting a clinical trial even though most individuals who participate sign a waiver releasing the company from liability.

There are many levels to developing a product, putting it through a clinical trial, and then marketing it. The proper insurance coverage has to be provided along every step of the way.

The Medmarc liability insurance products specialize policies along each step of the way.

Medmarc offers liability coverage and business insurance coverage along with specialized coverage for clinical trials that are not performed in the United States including:

  • Vendors
  • Medical staff members
  • Scientific advisory boards
  • Independent engineers
  • Sales representatives
  • Investigational review boards
  • Clinical research organizations

The other product carried by Medmarc is Business Insurance Coverage.

Coverage options include:

  • Director’s and officer’s liability
  • Manufacturing errors and omissions
  • Product recall expense
  • General liability
  • Employment practices
  • Property and business income
  • Workers compensations
  • Commercial automobile
  • Internal and excess liability

The non-U.S. clinical trial coverage is handled through Biomedical Insure, a company based in France that specializes in the foreign jurisdiction for human clinical trials.

If you have a company that wants to run a clinical trial outside the U.S., this is the coverage you need to protect your domestic and foreign assets.

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Medmarc Prevention Services

One of Medmarc’s main focuses is prevention services. If they can train their clients to reduce risks and implement safety features that make claim filing less likely, premium amounts can be lowered.

In order to accomplish this goal, Medmarc has an entire department dedicated to prevention services.

  1. The first way that the Loss Prevention Department reduces risk is to do a risk evaluation for your company. This evaluation will assess the potential risks before they happen so the company can make the necessary changes to prevent the risk from happening at all.
  2. The second part is employee training. Medmarc voluntarily trains employees of companies who hold policies. The training includes how to help employees see potential risks, how to report these risks, and how to make the necessary changes after a potential risk is spotted.
  3.  The third level of loss prevention department is integrated risk management on the policy development level and builds risk reduction into the infrastructure of the company. Planning for an FDA audit would be like and what the FDA would expect to be in place is part of this process.

Medmarc Insurance Company Financial Stats

Medmarc is a financially stable company. It has most recently received an A rating from A.M. Best.

A.M. Best is an independent financial rating company. An A rating in an excellent rating with a stable outlook for the company. It means that Medmarc is able to meet its financial obligations.

Medmarc also has a low premium to surplus ratio which means that every dollar of a premium is backed by three dollars in surplus.

Medmarc has an average growth of 12 percent per year in assets and cash.

Having a surplus means that if several claims need to by paid out at once, the company would be able to do so while still maintaining its other financial obligations.

Medmarc has a surplus exceeding $10 billion making it a superior rated company by Best’s Capital Adequacy Ratio company.

Even though Medmarc does not offer personal auto insurance coverage, you can still compare auto insurance quotes by entering your zip code in the free box now!