Berkshire Hathaway Specialty Insurance has launched a management liability product for life sciences, biotech and pharmaceutical companies in Australia.

The US-based insurer says the product offers coverage missing from standard management liability policies and ensures directors, officers, and scientific and medical advisory boards are protected as they develop cutting-edge solutions.

It also provides cover for private capital raisings and does not exclude protection in the event of a company becoming insolvent.

The product expands on BHSI’s existing management liability policy for private companies and non-profits.

“Life sciences is one of the most promising industries in Australia and we are thrilled to ... provide an innovative solution to support the industry,” BHSI underwriting manager for national brokers Jessica Jefferies said.