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This is a form of extra expense coverage instead of legal liability coverage. Coverage applies to measurable expenses involved in withdrawing the product, including cost of communications, shipping charges, radio and television announcements, newspaper advertisements, costs of hiring additional personnel, paying overtime to regular employees, and costs to destroy the product, if necessary. This coverage applies to only those expenses … Read More
Drugs, cosmetics, chemicals, burglar and fire alarm equipment and ladders are some examples of hazardous products. The products liability market for these and other hazardous products is relatively small. Similarly, very few standard markets are interested in insuring new types of products, particularly drugs. The same approach is taken when covering hazardous and/or new products in that a complete description … Read More
Companies that manufacture, test, distribute, and sell medical, biological, pharmaceutical, and other products approved by the Food and Drug Administration (FDA) or other regulatory bodies around the world are vulnerable to a variety of products liability risks. These risks are unique to their industries and require specialized insurance coverage. These companies also recruit human test participants for trials across the … Read More
Warranties often specify a product’s expected life and offer to replace, repair, or reimburse the consumer for defective parts or workmanship. The business that makes the product or provides the service can then use the written warranty to promote customer acceptance and increase sales. The warranties can be insured as an alternative to covering future warranty claims. Customers are often … Read More
The Insurance Marketplace lists available markets for a number of specialty, unusual, or difficult-to-place commercial general liability exposures. Because not every exposure and coverage need can be listed or anticipated, this classification is for any nonstandard and difficult-to-place commercial general liability exposures not specifically listed.
Product contamination coverage applies when an individual has contaminated a product or has threatened to do so. It covers related costs, such as necessary destruction of inventory, lost profits, business interruption, product recall, and product rehabilitation. When a product contamination case arises, crisis management and loss prevention firms can be called in to help the insured reduce the chances that … Read More
Products liability coverage for aircraft manufacturers, aircraft products dealers, and fixed base operators that repair and maintain aircraft is difficult to place. Loss potential is significant because of the catastrophic consequences when a product used in an aircraft fails in flight.
This is a highly specialized performance surety bond or guaranty insurance that was originally designed for investors or manufacturers of alternative energy sources. It provides financial protection if a system does not perform as engineered or designed. This type of insurance encourages investment and development of both alternative energy sources and other types of manufactured products.
The authority to establish risk retention groups and purchasing groups stems from federal legislation passed in 1986 known as the Liability Risk Retention Act. It permits groups to form risk retention programs or purchasing groups for all types of liability insurance. The group must be chartered in one state, its state of domicile, but is authorized to operate in all … Read More