Product Liability & Umbrellas
While most companies are familiar with the need for, and value provided by commercial umbrellas, not are companies (or brokers) are familiar with the intricacies stand-alone product liability policies. Businesses with minimal product liability risk almost always have coverage extended by their underlying general liability package provider. For larger companies and those operating in industries that are assuming greater product liability (such as manufacturers and lifescience companies), underlying markets either carve out the product liability risk or decline the coverage altogether which results in a more fragmented package with few alternatives. Understanding each solution and the full spectrum of coverage options is critical. Product liability can range from occurrence policies to claims made policies, with differing triggers and carve outs, each with drastically different coverage implications. Client needs become increasingly more complex with the requirement and coordination of other coverages such as manufacturers E&O, product recall and discontinued operations coverage. Through a relationship based approached GB&A assists its clients by locating specialty carriers for specific industries, locating markets for hard to place risks, understanding the different solutions and tailoring client specific insurance portfolios.