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Gallagher Broker Michael Kearney Recognized as a 2024 Pharmaceuticals Power Broker

Topics: Pharmaceuticals

Michael Kearney, Managing Director, Life Sciences, Gallagher

Michael Kearney, CPCU
Managing Director, Life Sciences
Gallagher, Boston

Although Michael Kearney has represented life sciences clients for nearly 30 years, he still considers himself a student of the industry.

And it was his diligent review of the property forms of several leading life sciences insurers that led him to identify a critical coverage gap for software malfunctions: a problematic exclusion that could leave his clients vulnerable to multimillion-dollar losses.

As he worked on a renewal for a biotech client that stores extremely valuable and temperature-sensitive research materials in freezers, he zeroed in on the possibility of IoT software failing to detect a freezer’s temperature creeping above the -80°F temperature required for the specialized raw materials used in therapeutic drug development.

He successfully negotiated an endorsement that added specific coverage for a loss caused by software errors — the sort of malfunction that could result in a failed alarm and an incorrect temperature reading, causing the sensitive materials to spoil.

Fortunately for the biotech company, Kearney’s efforts to get the endorsement paid off when the software malfunctioned on one of their freezers, leaving them vulnerable to a potential $4 million loss.

Despite the added endorsement, the biotech leaders were skeptical that their insurance would pay the claim.

“Mike really pushed to make sure it was covered,” the treasurer for the company said, “and by the end of it, we did get a full recovery.”

All 2024 Power Broker Winners

2024 Pharmaceuticals Power Broker Winners and Finalists 


What is a Power Broker?

A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.

Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.

Who selects the winners?

Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.

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