Ironshore releases claims-made policy form for product liability risks

Ironshore Inc.’s Specialty Casualty unit has introduced a new claims-made policy form for the commercial general liability market for prospective insureds facing unique product liability challenges.

The General Liability Claims-Made Advanced form introduces a suite of endorsements, including Crisis Three-Sixty with Recall Reimbursement Expense.

The enhancement covers as much as $150,000 in expense-related costs, in addition to the policy limit, and combines crisis management and recall reimbursement, notes a press release from Bermuda-based Ironshore, which provides broker-sourced specialty commercial property and casualty coverages for varying risks on a global basis through its multiple international platforms.

Industry sectors that would benefit from use of the form, Ironshore notes, include manufacturers of products ranging from industrial to consumer products, such as industrial valves, sporting goods, mining machinery, construction equipment, pumps and pumping equipment, and motor vehicle and railroad parts and equipment.

The current pricing environment and recent product liability cases led to the development of a claims-made option to help insureds and broker partners meet the liability coverage needs in diverse industry segments, says Tim McAuliffe, president of Ironshore Specialty Casualty. “Ironshore seeks to underwrite coverage in the primary casualty market with a customized solution for product manufacturing risk,” McAuliffe adds in the statement.