Axis Capital launches specialty product for manufacturers
Axis Capital Holdings Limited's environmental business unit has launched a Specialty Package Policy for manufacturers.
The SPPm policy covers a range of general and environmental liability exposures facing manufacturers, all in one integrated insurance package.
Exposures covered by SPPm include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, and disposal facilities.
The new policy is available for US-based manufacturing and distribution operations with revenues up to $2 billion.
“This new, expanded environmental offering is part of our broader effort to provide enhanced capabilities and innovation to the specialty market,” said Rich Zarandona, executive vice-president, Environmental, at Axis.
“Manufacturers and distributors face a multifaceted risk environment and it’s therefore essential that the sophistication of their insurance coverage matches the complexity of their risk."
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; and product withdrawal expense.
In addition, a new excess policy provides excess liability coverage for manufacturers covering primary general liability, pollution, products pollution, excess auto and employers’ liability.
Mark Sielski, Axis Environmental group lead, said: "As businesses’ general liability and environmental risks become more intertwined, it is no longer prudent to assess these liabilities independently.
“With SPPm, we're excited to offer an integrated approach to our partners, enabling them to manage complex, specialist risk and coverage considerations in a simple, seamless and cost-effective manner."
In addition, Axis recently hired Tom Kashickey as lead underwriter, Environmental Liability.
The company said Mr Kashickey’s hire was part of a broader effort to build a dedicated team to support new products.