Toronto, ON (Oct. 4, 2018) – The Sovereign General Insurance Company (Sovereign Insurance) is launching new and enhanced coverage features for its manufacturing solutions as it continues to refine its industry-based approach to product management. These coverages will be available for renewals and new business starting December 1, 2018.
“With the commercial insurance industry changing so quickly, it was crucial for Sovereign to focus more on the needs of the Canadian businesses we serve,” said Steve Phillips, Chief Operating Officer, Sovereign. “This customer-centric shift is subtle but powerful and really moves the conversation from what do we sell to what does a company within this industry need?”
Sovereign has a broadly defined appetite for mid-large manufacturing classes within the 24 sub-industries in the manufacturing space.
“We will continue to risk select within target classes as we look for opportunities where we can add value and be competitive.” Phillips added. “A focused appetite that is built around a selected set of clients is how we will compete.”
New coverage features available later this fall include:
- Communicable Disease and Food Contamination (Business Interruption)
- Contingent Business Interruption Extension – Named and Unnamed Locations (Enhanced) – Worldwide Coverage Territory, Extended Supply Chain
- Depreciation in Value of Undamaged Stock
- Manufacturer’s Errors and Omissions
- Product Impairment (Business Interruption)
- Products Recall Endorsement (Enhanced)
- Radioactive Contamination
- Rigger’s Liability Extension (Liability Extension to satisfy contractual requirements)
- Social Engineering (Business Interruption)
- Unspecified Locations – Contents (Worldwide)
About Sovereign Insurance
The Sovereign General Insurance Company empowers Canadian businesses to succeed by developing and distributing risk solutions they trust and value. Sovereign is passionate about protecting Canadian businesses and the communities they serve and is driven by the belief that whether you’re a partner, client or employee, your experience matters. Canadian owned and operated since 1953, Sovereign is a wholly owned subsidiary of The Co‑operators General Insurance Company, a leading Canadian provider of multi-line insurance products with assets of more than $5.9 billion. Sovereign operates in six offices across Canada and is proud to carry an AM Best A- (Excellent) rating. To learn more, visit www.sovereigninsurance.ca.
SOURCE: The Sovereign General Insurance CompanyTags: launch, Sovereign Insurance