Manufacturing and Wholesale

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Leslie McDowell
5 years ago
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1 Manufacturing and Wholesale

2 BUILDING YOUR CREDIT Continuing Our Success With You 5 Year Growth $329M $500M $213M

3 Manufacturers & Wholesalers Wholesale Durables % of Total Premium Technology Food & Kindred 25.6% * All other 18.3% Wholesale Non-durables Industrial Machinery 4.7% 5.5% 11.2% 10.0% Fabricated Metals Motor Freight 6.4% 7.6% 10.5% All Other MDS

4 Earning Our Share of Wallet COP: Commercial Output Policy Product Recall Expense GL/Umbrella excluding products Printers E&O Manufacturers E&O MOP: $5K minimum premium Additional Coverage Expenses Up >43% in 3 years Includes Cost of Corrections Up 69% in 3 years

5 Earning Our Share of Wallet Contractual Risk Transfer Safety Management CabFinancial SafetyFirst TM Who else offers? Dedicated Staff Risk submission reports No charge

6 Earning Our Share of Wallet Technology E&O CyCurity Crime Inland Marine Broad insuring agreement 1 st and 3 rd Party Bundled and flexible

7 Earning Our Share of Wallet Management Liability Insurance International GMG Field support Class underwriting Not just for Not-for-Profit Strong Partner Dedicated corporate staff Understand the risk

8 A Bold Risk Appetite Spanning over 600 SIC codes Industrial Machinery Wood Products Tobacco Products Fabricated Metals Printing Chemicals and Allied Plastic & Rubber Goods Wholesale Non-durables Products Misc. Manufacturing Motor Freight Trans Petroleum Refining and Wholesale Durables Food and Kindred related risks Technology Primary Metal Ind.

9 Winning With Selective Manufacturer of industrial packaging machinery Property - TIV = $47M, one risk group General Liability Product Recall limit - $1M Manufacturers E&O limit - $1M Auto Umbrella: $5M Workers Compensation $138K account

10 Winning With COP Property Needs COP Flexibility Dependent property BI limit: $750K Unnamed location limit: $500K Installation property: $250K Property in transit: $250K

11 Winning With Product Recall Expense Up to $1M available for 8 covered expenses Competitive Advantage: Three additional coverages automatically provided at an additional 50% of the limit

12 Winning With Product Recall Expense Additional Covered Expenses 1. Cost to replace A machine is deemed to have an issue that can cause bodily injury or property damage Policy will cover to replace or repair the machine 2. Customers Consequential Profit Loss Customer loses money because of the recall due to loss of use of the machine 3. Good Faith Advertising To gain customer faith in the company again

13 Manufacturer s E&O Needed to cover suits as a result an actual or alleged wrongful act resulting in monetary loss by the client The machine keeps breaking down and customer losses money due to lack of output Machine allegedly doesn t produce as many units as the insured stated it would Customer doesn t pay their final bill, insured sues for payment which results in a countersuit because it s alleged the machine doesn t do what it s supposed to

cover from Bonds department Workers Compensation: Increased Commission Inland

14 Winning With Selective Developer of Application Software & Info Mgt. Solutions Property General Liability Technology E&O: $2M limit Crime: separate cover from Bonds department Workers Compensation: Increased Commission Inland Marine Pac Umbrella: $3M Cyber & Crisis Response Retro Date back 20+ years $50,000 account

15 Winning with Technology E&O No Limit Sharing Broad definition of covered product and work No professional exclusions on companion GL Basic extended reporting period of 90 days Automatic coverage for subs Duty to defend True worldwide

CyCurity Security breach expenses: $25K to $250K Electronic media liability: $100K to $5M Electronic Info.

16 Winning With Cyber Insurance Data Compromise $50,000 annual aggregate limit / $1,000 deductible $5,000 sub-limits for legal and forensic IT reviews, and PR Packet of customer loss prevention and customer support information CyCurity Security breach expenses: $25K to $250K Electronic media liability: $100K to $5M Electronic Info. security liability: $100K to 5M Key Exclusions Not Found in Selective s Form Failure to Encrypt Failure to Maintain Ceasing to Support

17 Winning With Selective Fabricated Metal Products serving various industries Property TIV > $120MM. General Liability Auto Inland Marine Crime Umbrella Workers Compensation MLI Management Liability $300,000+ account

18 Why We Won Industry knowledge and insight Safety Management partnership All lines appetite and capability Coverages including Management Liability Insurance

CYBER LIABILITY INSURANCE: CLAIMS ISSUES AND TRENDS THAT AUDITORS NEED TO KNOW

CYBER LIABILITY INSURANCE: CLAIMS ISSUES AND TRENDS THAT AUDITORS NEED TO KNOW INSURANCE RISK MANAGEMENT EMPLOYEE BENEFITS Presented by: Douglas R. Jones, CPCU, ARM, Senior Vice President, Principal www.rhsb.com