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
Whitehouse Station, NJ (Aug. 21, 2019) – Chubb has introduced CoverPlusSM – 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. CoverPlusSM 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.”
CoverPlusSM 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.
For more information, visit www.chubb.com/rediscovermanufacturing.
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.
Source: ChubbTags: Chubb, launch, liability