Chubb has announced the launch of CoverPlus, a new platform that offers expanded liability-driven products for middle-market manufacturers.
CoverPlus features a suite of coordinated insurance products designed to fill the potential gaps in traditional insurance programs, Chubb said. The platform offers enhancements to address exposures including scalable pollution liability, product-withdrawal expense, errors and omissions liability, and cyber liability.
Nearly 50% of manufacturers view risks emanating from advanced manufacturing techniques as extremely challenging, according to a study by Chubb and Ohio State University’s National Center for the Middle Market (NCMM). Seventy-one per cent (71%) of manufacturers believe that their role in the supply chain has become increasingly important and more collaborative with suppliers. Both trends suggest that a more holistic approach to risk management is necessary, Chubb said.
“CoverPlus is a dynamic platform designed to offer a wide range of specialized insurance products and services beyond traditional liability insurance to proactively support businesses in the manufacturing sector as they face new exposures within a rapidly changing industry,” said Ernie Salas, senior vice president for commercial insurance at Chubb North America. “Built on more than 50 years of experience and bolstered by insights gleaned from our research with the NCMM, Chubb provides innovative and thoughtful insurance solutions backed by our industry-leading capabilities in underwriting, claims and risk engineering.”