New offering addresses many of the unique challenges and risks manufacturers face, helping close coverage gaps through a customized suite of coordinated products and enhancements
Chubb has introduced CoverPlus – a new platform offering expanded liability-driven products tailored to the ever evolving risks faced by middle market manufacturers as they embrace new technologies and processes to remain competitive. CoverPlus features a custom-tailored suite of coordinated insurance products designed to fill the potential gaps which are typically inherent in traditional insurance programs, and offers flexible and integrated enhancements to address an array of exposures, including scalable pollution liability, product withdrawal expense, errors and omissions liability, and cyber liability.
According to research jointly developed with Ohio State University’s National Center for the Middle Market (NCMM) and Chubb, nearly 50% of manufacturers view risks emanating from advanced manufacturing techniques as extremely challenging. In addition, 71% of manufacturers believe their role in the supply chain has become increasingly important and more collaborative with suppliers. Both of these trends suggest a more holistic approach to risk management is critical for manufacturers.
“CoverPlus is a dynamic platform designed to offer a wide range of specialized insurance products and services beyond traditional general liability insurance to proactively support businesses in the manufacturing sector as they face new exposures within a rapidly changing industry,” said Ernie Salas, Senior Vice President, Commercial Insurance, Chubb North America. “Built on more than 50 years of experience and bolstered by insights gleaned from our research with the NCMM, Chubb provides innovative and thoughtful insurance solutions backed by our industry-leading capabilities in underwriting, claims and risk engineering.”
CoverPlus was developed in response to evolving needs and emerging risks customers were facing due to common exclusions on general liability policies. The platform helps streamline the insurance buying process by delivering market-leading features, benefits and cutting-edge solutions through a single provider, which helps eliminate the need for producers and insureds to source coverage from multiple carriers and distribution channels.
Source: Company Press Release