What:
AXIS Capital Holdings has launched a Specialty Package Policy for manufacturers (“SPPm”) to cover a range of general and environmental liability exposures in one integrated insurance package.
Why:
As businesses’ general liability and environmental risks become more intertwined, SPPm aims to offer an integrated approach to partners, enabling them to manage complex, specialist risk and coverage considerations in a simple, seamless, and cost-effective manner.
How:
- Exposures covered by SPPm include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, and disposal facilities.
- Coverages available through SPPm include:
- ISO-based CGL, including products and products pollution liability
- non-owned site pollution liability
- transportation pollution
- premises pollution liability
- employee benefits administration
- emergency response expense coverage
- product withdrawal expense
- The new policy is available for US-based manufacturing and distribution operations with revenues up to $2B.
- In addition, a new excess policy (“SPXm”) also provides excess liability coverage for manufacturers covering primary general liability, pollution, product pollution, excess auto, and employers’ liability.