Are Claims-Made Product Liability Policies Cheaper?

The answer is Yes and No Many businesses purchase a claims-made product liability policy thinking it’s cheaper than an occurrence-based policy. On the surface, claims-made policies can be cheaper than the superior occurrence-based policies.  However, if we closely examine a claims-made policy we see…

A Better Understanding of Claims-Made Policies

Claims-made policy forms are common in industries that sell high hazard products such as medical and children’s products. But it’s important to know not all claims-made forms are created equal.  There are two distinct claims-made policy forms: Claims-Made & Reported…

3D Printers Will Change the World as We Know It

 And what risks do 3D printers pose to businesses? 3D printing (or additive manufacturing) is a technology that will change society so profoundly it defies the imagination. Reading “The Printed World” showed me the possibility innovation where it will be just…

Many Broker-of-Record Letters Based on Deceit

Sometimes it pays to be a skeptic It’s always important to not just read, but understand anything you sign.  A Broker-of Record or Agent-of-Record letter is formal notification giving an agent or broker authority to access insurance carriers that have…

Product Recall Expense Endorsements Becoming More Common

Cost-saving endorsements for the budget-minded An emerging trend offers cost savings to many small businesses. We’re seeing more insurance carriers starting to offer product recall expense endorsements to their Product Liability policies. These add-on endorsements provide lower cost product recall…

Sub-Manufacturers and Suppliers Warranty Endorsement – One Scary Endorsement!

That’s one scary endorsement! The other day we were delivering a policy and we noticed an endorsement we’d never seen before. This endorsement is called Sub-Manufacturers and Suppliers Warranty or ES 98 100 05 04. We requested a copy from…

High Premiums Not Always a Reflection of Your Product

Many start-up businesses that are starting to sell products are often confused when receiving quotes. They know their products are safe but the minimum premium quotes they received are just too high to allow them to make a fair profit. The explanation is the standard or admitted market policies for small business are just too broad to allow certain classes of business to participate.

Millions of Drop-Down Cribs Recalled

Putting one infant-safety risk to bed In 2010, the Consumer Product Safety Commission announced a voluntary recall of over 2 million drop-down cribs.  The companies affected by the recalls are: Child Craft (out of business) Delta Enterprise Corp. of New…

Why Manufacturers Refuse to Name Vendors as Additional Insured

A troubling dilemma More and more manufacturers refuse to name their clients as Additional Insured on their Product Liability insurance policies. Or, they go to the other extreme and require being named Additional Insured on their clients’ policies. This is…

Graco and Simplicity in the News Again for Recalls

How do they survive so many baby products recalls? How does the Graco and Simplicity product name survive? It seems to experience major baby products recalls about every other month. Graco and Simplicity distinguishes itself as one of the most…