It is an exciting time for research at Hamilton Health Sciences Corporation. Consistently ranked as one of the best environments for medical research in Canada, HHSC continues to cultivate and develop not only research programs but also research support. With the growth and development of research activities involving HHSC both within Canada and abroad, HHSC recently introduced a captive insurance company, the Research Insurance Corporation (RIC), to better support its burgeoning research enterprise.
What exactly is a captive insurance company, and why is it needed? Frank Naus, VP Research explains, “A captive insurance company is a legally licensed insurance company with the main purpose of insuring the risk of its owners. A common and accepted vehicle for implementing insurance strategy, captives are not unfamiliar to healthcare institutions, with notable organizations including Duke Clinical Research Institute, Harvard, Northwestern and outside of healthcare, the Canadian Bar Association opting for this format which delivers enhanced coverage at lower costs.” As to why RIC is needed at HHSC, Naus says, “While our current Canadian insurance provides appropriate coverage for clinical research conducted at our own hospital sites, HHSC conducts other types of clinical research for which this coverage does not apply. RIC will provide coverage for Investigator-Initiated Trials (IITs) and Global Trials sponsored by HHSC.”
Katie Porter, Interim Director of Research Administration, adds, “RIC is an ideal solution because it compliments our existing insurance coverage but does not overlap it. The end result is enhanced, comprehensive coverage against research-related risk.”
The full benefits of RIC include:
Questions regarding RIC, and insurance coverage as it relates to your trial, can be directed to Katie Porter, Interim Director, Research Administration at 905-521-2100 ext. 74559 or at firstname.lastname@example.org