Cowan Insurance Group has launched a new product to help cover the supply chain insurance gap of mid-market manufacturers and distributors.
Marketed as the first insurance of its kind in Canada, the Cowan supply chain insurance product was designed with mid-market manufacturing, technology, wholesale, and distribution in mind. Cowan works with clients to identify and manage their supply chain risks while providing protection against common disruptions.
Specifically, the product addresses supply chain disruptions that are typically not covered by other insurance products, such as natural disasters, port blockages, raw material delays, transport failures, political violence, and worker strikes.
“Eighty per cent (80%) of manufacturers have had at least one supply chain disruption in the past 12 months,” said Cowan Insurance industry leader and vice-president of manufacturing Marcus Morson. “I’m pleased that Cowan is on the forefront of providing an affordable insurance product that protects mid-size companies from common disruptions not usually covered by other specialized products. I’m proud to offer innovative solutions that meet the needs of our clients.”