The policy is designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial and commercial sectors, focusing on those with medium-to-large scale operations.
PRODUCT: Commercial Output Insurance.
COMPANIES: Falvey Insurance Group; Canopius Group.
BEST RATING: A-
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Recently, Falvey Insurance Group announced the introduction of its latest innovation in insurance solutions: Commercial Output Insurance.
The policy is complementary to Falvey's existing suite of inland marine products and is designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial and commercial sectors, focusing on those with medium-to-large scale operations. This integration offers businesses the convenience of minimizing the complexity of their insurance portfolios and effectively eliminate coverage overlaps or gaps.
“With the launch of our Commercial Output Insurance, we reaffirm our dedication to addressing the evolving insurance needs of businesses," says Tom Nasso, chief underwriting officer at Falvey. “This product simplifies the complexities of managing diverse risks while providing broad, effective coverage."
COVERAGE DETAILS: The policy's comprehensive coverage pairs nicely with some of Falvey's other American Association of Insurance Services (AAIS) suite of products, such as:
- Property in transit: Ensures the protection of goods while they are being transported on their own trucks.
- Electronic data processing (EDP): Provides coverage for hardware, software and data.
- Contractors equipment: Offers broad coverage for mobile equipment and tools used by contractors, from small tools to machinery, against loss or damage. While commercial output insurance is closely aligned with the associated contractor's equipment form, which provides more specific coverage, smaller schedules can be incorporated into the commercial output insurance policy.
- Business interruption: Protects businesses from financial losses that occur when they are unable to operate due to a loss from a covered peril to their facilities or equipment.
TARGET: Clients with an existing Falvey inland marine, marine cargo or stock throughput policy, as well as businesses in the manufacturing, institutional, industrial and commercial sectors.
COVERAGE AVAILABILITY: All U.S. states.
COVERAGE TERRITORY: U.S.
CONTACT: Ed Helfers, principal, inland marine, Falvey Insurance Group; Lisa Uzzo, principal, inland marine, Falvey Insurance Group; 66 Whitecap Drive, North Kingstown, RI 02852.
Will Jones is IA editor-in-chief.
