Travelers has announced the launch of a new insurance product for the plastics industry. This is part of their strategy to widen their product
offering and to provide focused underwriting for customers and brokers in elected business sectors.
The product will provide a range of commercial covers including Property Damage, Business Interruption, Employers’ Liability, Public and Products Liability and Professional Indemnity for a wide range of businesses within the plastics and rubber industry, from injection to slush moulding and thermoforming firms. In addition to the complete package of commercial covers, Travelers Insurance Company Ltd. can also provide non-conventional covers for large risks designed specifically to a customer’s individual needs.
Keith Purvis, General Manager, Travelers UK, said: “The plastics industry has its own unique set of risks and requirements. It is developing very rapidly, which is why we knew it was essential to develop a specific solution that leverages our expertise.”
“The plastics industry is making more investment into technical advances, and manufacturers are now involved in virtually every sphere of developing technology. Any insurer that provides services to the plastics industry needs to understand these developments.”
“The focused approach and expertise of Travelers underwriters and risk managers allows them to better understand this market and the unique industry risks as well as the emerging issues which these customers face on a daily basis.”
Travelers’ dedicated team of risk managers provide plastics industry specific guidance on many different topics to help customers more effectively manage their exposures, including advice on fire prevention measures, business continuity, product quality control, environmental issues and transit management.
The Travelers industry focused policy wording includes a flexible limit of loss option for business interruption and treats damage during any one period of 72 hours caused by storm or flood as one claim for purposes of excess. High coverage limits are also available in order to avoid the need for customers to buy excess of loss covers, and discounts are available for those who can demonstrate ISO or other industry standard accreditations.
“Our products are centred around the customer’s specific risk and insurance needs. As we broaden our product offerings, we will be leveraging the experience, knowledge and competitive advantages that Travelers has gained by working closely with customers within different industry sectors and partnering with brokers who are committed to providing added value to their clients.” Purvis concluded.
Source : www.newsinsurances.co.uk