MANUFACTURING RISK MANAGEMENT: NEW RISKS EMERGING, LOCKTON EXPERTS SAY
A package of stories from Business Insurance magazine highlights the risk management challenges facing manufacturers in 2012 and beyond.
Lockton experts contributed extensively to the special report on manufacturing risk management, including stories on:
- Business interruption losses and rising global supply chain exposures- Lockton's Jim Rubel explains that contingent business interruption has become a "huge bugaboo." He adds, "Insurance companies are petrified of an earthquake and it hitting multiple clients at the same time-one event triggering business interruption coverage and property damage coverage on a plethora of policies all at once," The key to getting coverage is to provide underwriters with information on exposures.
Read the full story on global supply chain risks.
- Improvements in Safety Driven by Quality Control- Factories have become safer in recent years, but safety teams have been hard hit by layoffs during the recession. Lockton's Jim Collins and Annamarie Gibbs explains that many companies are turning to their brokers for more safety assistance.
Read the full story on quality control and manufacturing risk management.
Read the full story on product liability and recall.
- Product liability claims rise with new laws- Manufacturers, especially in food and consumer products, face greater liability claims and product recalls. Still, Lockton's Tony Hardy says product liability insurance prices are "very competitive" for manufacturers across all industries with a focus on quality control, and there is ample capacity.
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