Sovereign Insurance launches new and enhanced coverage for manufacturing

Sovereign General Insurance Company is rolling out new and enhanced coverage features for its manufacturing solutions.

These coverages will be available for renewals and new business starting December 01, 2018, a company release said.

The new coverage features available include:

• Communicable disease and food contamination (business interruption)
• Contingent business interruption extension – named and unnamed locations (enhanced) – worldwide coverage territory, extended supply chain
• Depreciation in value of undamaged stock
• Manufacturer’s errors and omissions
• Product impairment (business interruption)
• Products recall endorsement (enhanced)
• Radioactive contamination
• Rigger’s liability extension (liability extension to satisfy contractual requirements)
• Social engineering (business interruption)
• Unspecified locations – contents (worldwide)

“With the commercial insurance industry changing so quickly, it was crucial for Sovereign to focus more on the needs of the Canadian businesses we serve,” said Sovereign chief operating officer Steve Phillips. “This customer-centric shift is subtle but powerful and really moves the conversation from what do we sell to what does a company within this industry need?”

“We will continue to risk select within target classes as we look for opportunities where we can add value and be competitive,” added Phillips. “A focused appetite that is built around a selected set of clients is how we will compete.”

Sovereign has a “broadly defined appetite” for mid-large manufacturing classes within the 24 sub-industries in the manufacturing space, a release said.

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