PRODUCT: Small commercial insurance for manufacturers
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available to agents and brokers appointed via the Chubb Marketplace.
FOCUS: A massive 90% of the manufacturers in the U.S. are classified as small businesses. “While their revenue might be small, they face the same exposures as large manufacturers,” says Jim Williamson, division president, Small Commercial Insurance, Chubb North America.
Manufacturers face numerous exposures that include product liability, product recall, cyber risks, foreign exposures and more.
Chubb has been a leading provider of insurance solutions for manufacturers for more than 50 years. “With this experience comes deep expertise across underwriting, claims and risk engineering services,” Williamson notes. “Now, Chubb brings this experience to its insurance offerings for small manufacturing businesses.”
The Chubb Marketplace makes it easy “for independent agents to serve their small business clients with account level placement across both standard and specialty lines, in addition to account-level quote proposals, billing statements and in-force management,” Williamson explains.
COVERAGE DETAILS: Chubb’s Marketplace provides comprehensive, tailored small commercial insurance solutions, including Chubb BOP, umbrella, workers compensation, commercial auto, management and professional liability, Cyber Enterprise Risk Management (ERM)/DigiTech ERM, and foreign package.
Williamson adds that Chubb BOP for small manufacturing companies includes more than 80 property enhancement endorsements specific to the coverage needs of a small manufacturer, including:
- Selling price valuation on losses to finished stock
- Product replacement and recall expense
- Research and development property
- Commodity stock valuation
- Extra expense insurance for alternative water systems
- Business income and extra expense insurance for alternative power generation
- $100,000 limits available on flood insurance
- Food and product contamination
- Personal property off-premises
- Business income from dependent property
- Business income actual loss sustained
UNDERWRITING: Rates are dependent on revenue. No supplemental application is required. “Quoting and issuing can be easily completed online through the Chubb Marketplace,” Williamson says.
MINIMUM PREMIUM: $485.
TARGET: Manufacturing companies with less than $30 million in annual revenue.
“Segments such as food, wood, metal, plastics, component parts manufacturing, as well as advanced manufacturers are all classes within our appetite,” Williamson says.
COVERAGE TERRITORY: U.S.
COVERAGE AVAILABILITY: Coverage is available in all U.S. states except AK, CA, DE, FL, HI, LA, MO, NY, RI, TX, VA and WA.
CONTACT: Crystal Juban, marketing manager, Chubb Small Commercial; Chubb, 202 Halls Mill Rd, Whitehouse Station, NJ 08889.
Will Jones is IA assistant editor.