Falvey Insurance Group announced the launch of Commercial Output insurance – coverage designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial, and commercial sectors.
Crafted by Falvey’s inland marine managing general agency (MGA), the Commercial Output product focuses on companies with medium to large-scale operations.
Falvey describes the Commercial Output insurance policy an ideal approach to business coverage, combining multiple essential insurance aspects into a single, streamlined package. This integration offers businesses the convenience of minimizing the complexity of their insurance portfolios and eliminates the risk of coverage overlaps or gaps.
A commercial output policy (COP) is insurance that bundles together commercial property and inland marine coverage, which aims to ensure that a company’s product is insured both during production and while in transit.
The policy’s comprehensive coverage includes, but is not limited to:
- Property in transit: Ensures the protection of goods while they are being transported on their own trucks, covering losses due to theft, damage, or environmental conditions.
- Electronic data processing (EDP): Provides coverage for hardware, software, and data.
- Contractors equipment: Offers broad coverage for mobile equipment and tools used by contractors, from small tools to machinery, against loss or damage, although it is cohesive with the associated contractors equipment form which is a bit more specific. However, smaller scheduled can be wrapped into the COP.
- Business interruption: Provides businesses from financial losses that occur when they are unable to operate due to a loss from a covered peril to their facilities or equipment.
This policy is tailored for businesses seeking comprehensive asset protection, including contractors, warehousing operations with extensive inventory storage, light manufacturers, assemblers, distributors, dealers, wholesalers, and processing facilities. It is designed to offer a robust safeguard for the wide-ranging assets and operations of these businesses against a spectrum of risks.
This policy is complementary to Falvey’s existing suite of inland marine products.
“With the launch of our Commercial Output insurance, we reaffirm our dedication to addressing the evolving insurance needs of businesses,” commented Tom Nasso, chief underwriting officer at Falvey, in a statement.
“This product simplifies the complexities of managing diverse risks while providing broad, effective coverage. It’s a reflection of our deep understanding of the challenges facing medium to large-scale operations and our commitment to delivering solutions that make a difference,” Nasso added.
Launched in 1995, North Kingstown, Rhode Island-based Falvey Insurance Group, which is a Lloyd’s coverholder, offers all-risk shippers interest insurance, marine cargo & stock throughput, vessel pollution insurance, transportation & logistics liability, wholesale and inland marine.
Source: Falvey Insurance Group
Topics Commercial Lines New Markets
Was this article valuable?
Here are more articles you may enjoy.
QBE to Non-Renew $500M of North American Mid-Market Biz 
Home Insurance at $10,000 a Year Shows California Buyers’ Pain 
A $29 Billion Weed Market Fights to Diversify Amid Legal Hurdles 
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years 
