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Manufacturing
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Product Liability
In recent years, a difficult insurance market has led to significant price increases or
nonrenewal of products coverage for many manufacturers. Some manufacturers have been unable
to secure product liability coverage at any price. We are pleased to partner with several
leading writers of difficult to place product liability insurance. Coverage is underwritten
by A+ rated carriers unavailable through standard markets. Areas of specialization include,
but are not limited to:
- Medical equipment.
- Chemicals.
- Pharmaceuticals.
- Auto Parts.
- Modular Housing.
If you have a challenging, high risk exposure, let us help you structure the right coverage to
meet this need.
Environmental Liability Insurance
By their very nature, manufacturers have a constant need to address the environmental impact
of their operations. Any material utilized in the manufacturing process can present an
environmental risk if not properly controlled. Environmental liability insurance can limit
the financial risk of the manufacturer by protecting against a future pollution incident that
may occur on the property. Liability from a pollution release that damages property or harms
people off premises may also be covered.
Manufacturing companies also routinely buy and sell properties as business needs change and
evolve. When a company is on either side of a property transaction, environmental liability
insurance can protect the firm against any environmental “surprises” that may develop. Most
banks and lending institutions will in fact require environmental insurance for a property
transfer transaction.
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To learn more about the benefits of environmental liability insurance,
click here to read our article, “Limiting the Environmental Risk,” from Strategic Moves
magazine.
Click here to view our presentation on environmental insurance at National Manufacturing
Week 2004.
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Management Liability
Accounting scandals and revised reporting standards for public corporations have shed new
light on the importance of protecting a firm’s Directors and Officers, as well as the
corporation itself. While private companies have not suffered from the same high profile
problems as public companies, they too are finding their assets at risk from lawsuits filed
by various parties, including employees, competitors, and even the government.
In this risky environment, manufacturers need to fully protect themselves with all three of
the key management liability coverages:
- Directors and Officers Liability Insurance (D&O).
- Employment Practices Liability Insurance (EPLI).
- Fiduciary Liability Insurance.
To qualified accounts, we can offer an exclusive Directors and Officers policy that includes
EPLI and fiduciary liability at a price comparable to many stand-alone D&O policies. Other
coverage features include:
- Entity coverage provided automatically at no additional charge.
- No punitive damages exclusion.
- Broad definition of employees, including past, present, future, part-time, seasonal, and
temporary.
- Broad definition of Employment Practices Wrongful Acts.
- Fiduciary Liability includes Employee Retirement Income Security Act (ERISA) violations.
- Administration of benefit plans includes giving counsel to employees, as well as
administrative errors.
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