In the last few years, the life sciences sector has experienced exponential growth, with the pandemic acting as a catalyst. According to Forbes (opens a new window), the first quarter of 2021 saw UK life sciences firms raise £10.6bn from private funding or stock market listings. To support this expansion, there is an urgent requirement for laboratory, office, and ancillary space.
Life sciences real estate has since become a standalone asset class. Having placed over EUR 2 billion of Sum Insured into the insurance market for life sciences assets throughout the UK and Europe, we know insurance underwriters will ask specific questions due to the unique nature and operation of the occupants.
Five questions insurers ask when assessing life sciences real estate risks
What operations does the tenant undertake and are there any high risk processes that insurers should be aware of?
Are there sufficient risk management and crisis containment protocols built within the tenant’s business plan?
Are there any protocols to ensure safe management and storage of hazardous chemicals?
What vetting procedures are in place to determine the suitable containment level inside the laboratory?
Is there any cold stores/refrigerated goods storage space which may contain combustible panelling?
We help our clients identify the main risks as well as the likely covers a developer or owner will require to protect their real estate assets and developments.
Click here (opens a new window)to download our life sciences brochure to find out more about our offering in this sector.
