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Companies involved in the design, development, manufacturing, assembling and distribution of products face a wide range of risks that don’t always fit into standard insurance programs. No matter what type of manufacturing operation you’re looking to insure, AmWINS has access to markets that offer a broad range of coverages to protect against claims arising from product liability and recalls, business interruption, stock throughput and many other exposures. Annually, our team of manufacturing and distribution insurance specialists place more than $667 million in premium.
The dedicated product recall team collaborates with both domestic and international insurance markets to better identify potential product recall exposures before they happen, and offers individualized programs to assist your clients in addressing their specific needs. They specialize in coverage for food & beverage manufacturing/processing, non-food consumer finished goods, component part manufacturers, consumer goods distributors – food/non-food, consumer goods importers, and auto parts.
As a company, we have built specialized solutions for unique problems, and our manufacturing/distribution practice uses the expertise of our London-based colleagues at THB Group to market on behalf of our U.S. retail clients. This gives our retail partners the assurance that we are using the full resources within the AmWINS organization to solve their clients’ problems.
In November 2018, the FDA released new guidance on how and why it will utilize its statutory power to mandate recalls under the Food Safety Modernization Act (FSMA). To adapt to the new requirements, companies face a financial burden related to improving technology and allocating appropriate labor. This article provides insight into the FSMA and the importance of an insurance policy that responds to government intervention and mandated recalls.
Many businesses that depend on the export and import of goods contract with freight forwarders to manage the intricate logistics of international trade. As the number of freight forwarders operating in the United States continues to grow and their roles continue to expand, new risks are being generated that require quick adaptation and innovative underwriting solutions. This article identifies the ever-evolving risks that freight forwarders face and explores coverage options for this growing market.
The number of food contamination recalls continues to grow at a record-setting pace. In large part, the exponential increase in food recalls is a result of government regulatory bodies’ growing use of Whole Genome Sequencing (WGS) to identify the source of the contaminants. This article discusses the revolutionary impact of WGS on the food production industry.
The manufacturing industry contributed to over 12% of the U.S. economy in 2015, and this number is expected to increase. While new growth in production and sales is a positive development for businesses, it may also open the door to an elevated and often misunderstood insurance risk: financial damages not caused by bodily injury or property damage.
Ingredient manufacturers sell their product to other manufacturers who use it to make other products, some of which are ingredients themselves. This positions ingredient manufacturers uniquely in the event of a recall, since they may need to indemnify large financial losses sustained by multiple third parties.