OREANDA-NEWS. May 14, 2015. Today, the Biotechnology Industry Organization (BIO) announces a new member benefit with Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), to offer comprehensive coverage for executive liability insurance through the BIO Business Solutions® program.  BIO Business Solutions is the largest cost-savings program in the life sciences industry. 

“By teaming up with Aon, we are able to offer our members state-of-the-art coverage enhancements specific for life sciences companies,” said Fritz Bittenbender, Executive Vice President, Public Affairs for BIO. “Our members will benefit from Aon competing their business amongst a select group of insurers offering a unique suite of services.”

Aon has undertaken an extensive process to vet and select an elite group of insurers based on their ability to deliver value to life sciences clients, financial stability and drive to compete for desirable risk profiles. Coverage available through the program includes Directors and Officers Liability, Fiduciary Liability Insurance, Crime and Theft Liability, and Employment Practices Liability.

“Through this new member benefit,  we have pre-negotiated coverage enhancements with exclusive wording specifically tailored to the unique needs of BIO members,” said James Walters, Managing Director, Life Sciences & Chemical Group, Aon Risk Solutions. “Combined with the expertise of our brokers, we will deliver best in class coverage to BIO members.”

In addition, Aon offers expanded services utilizing robust, life science specific data-driven benchmarking to support policy negotiations and offer advice on new developments in regulatory and case law as well as superior claims handling with a team staffed with attorneys solely dedicated to executive risk claim exposures.

BIO Business Solutions negotiates significant volume-based discounts, competitive terms, and other benefits on products and services with industry leading suppliers on behalf of its members and members of state and regional biotech associations. Through the BIO Business Solutions program, more than 2,800 companies saved more than \\$161 million last year. 

For more information on membership in BIO and the BIO Business Solutions program, please visit www.bio.org/bbs.

For more information on Aon, please visit www.aon.com.