In these extraordinary times, companies in all sorts of industries are doing extraordinary things; both to help the global effort to beat COVID-19 and to help to ensure their own survival.
As companies adapt – and adapt quickly – to meet the challenges posed by the global pandemic, their liability exposures are shifting. And the casualty insurance market is adapting too, to help clients survive this crisis and to enable them to change their own business models to help in the fight against the virus.
We are seeing fashion couture houses produce masks, robes and gloves for healthcare workers. Automotive manufacturers have changed production to make breathing apparatus for hospitals. Alcohol distilleries are producing hand sanitizer. Restaurants have transformed themselves and are delivering boxes of produce to customers’ doorsteps. And so on.
When companies change their core activity, their risks change too. On the property side, our Risk Engineering colleagues have been working tirelessly – and remotely – to help clients assess, manage and transfer some of the new risks created by changes in production or the way facilities are being used. Casualty exposures may also have altered as companies have switched to become part of an “emergency industry.”
We have been talking to clients in the automotive industry, for example, who are now producing ventilation systems. There are certain standards to which these systems must adhere for the protection of human life. There are, for example, several EU regulations that govern the manufacture, import and distribution of medical devices. This will mean that a client’s product liability exposure is different – the risks associated with a car are clearly not the same as those associated with breathing apparatus. Underwriters are working with clients to adapt insurance coverage to meet these changing exposure requirements.
Where garment manufacturers have changed their operation to produce facemasks, for example, there are again a different set of risks to be considered.
Across the world, there are regulations setting out safety requirements for masks that are used in medical situations. In Europe, FFP2 is the standard that masks must meet; this is equivalent to the N95 respirator masks used in the US and meets World Health Organization guidelines.
For masks that are not used in medical situations, the exposure is less onerous.
Delivery companies too have changed the way in which they work and the items which they deliver; for example, some have shifted their focus to delivering groceries to the elderly or vulnerable. Again, this means that their liability exposures are somewhat different.
Casualty underwriters are talking to risk managers in all sorts of industries to work out how their risks might have changed and how these might be addressed.
Across 九色视频 colleagues have been working to ensure that clients have the right coverages in place to enable them to make changes to their business models to help the COVID-19 relief effort. For example, we worked with a broker to ensure that a high-end performance- clothing client had the correct coverages in place to be able to make gowns for use in hospitals. And colleagues also worked with a broker to help a global automotive supplier to have the right coverage to be able to produce medical equipment and respiratory tools using 3D printing.
These are uncertain and unprecedented times for individuals and businesses everywhere. We underwriters must take responsibility and play our part. Just as our clients are adapting to meet the challenges posed by this global pandemic, so too are we adapting to provide risk management and risk transfer services to ensure they can carry out emergency operations and play their role in helping to overcome COVID-19.
Global Asset Protection Services, LLC, and its affiliates (鈥溇派悠礡isk Consulting鈥�) provides risk assessment reports and other loss prevention services, as requested. In this respect, our property loss prevention publications, services, and surveys do not address life safety or third party liability issues. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. The provision of any service does not imply that every possible hazard has been identified at a facility or that no other hazards exist. 九色视频Risk Consulting does not assume, and shall have no liability for the control, correction, continuation or modification of any existing conditions or operations. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any document or other communication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, 九色视频Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with our services, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued 尤物视频Policies
In the US, the 九色视频insurance companies are: Catlin 尤物视频Company, Inc., Greenwich 尤物视频Company, Indian Harbor 尤物视频Company, XL 尤物视频America, Inc., XL Specialty 尤物视频Company and T.H.E. 尤物视频Company. In Canada, coverages are underwritten by XL Specialty 尤物视频Company - Canadian Branch and AXA 尤物视频Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following 九色视频surplus lines insurers: XL Catlin 尤物视频Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor 尤物视频Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.
