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Pharmaceutical Manufacturer
Challenge
The Client was a pre-IPO start up attempting to secure investor financing for a new product they were introducing to the marketplace. They were in the early stages of clinical trial development, and needed to secure coverage to satisfy the venture capital firm who had expressed interest in working with them.
Action
We performed a thorough site audit, examining all potential property and liability risks for the Client and for the venture capital firm. The Alper Loss Control team was able to develop a worker safety program to reduce potential claims. Working with management, the Alper HR Specialist helped
develop and implement formal internal policies and procedures to protect against harassment, discrimination and wrongful termination suits. Our in-house Legal Expert then reviewed the
contract terms between the Client and the
venture capital firm to confirm the interests of both parties were properly served. Finally, we leveraged our extensive market relationships
to identify a partner capable of writing coverage for their unique mix of property, liability and
professional risks.
Results
The Client was able to secure the appropriate
coverage at competitive rates. The company was able to secure both their first and second rounds of financing with the venture capital firm, and they were able to continue product research
and development. |
