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Marsh L.L.C. said Tuesday that it has launched Marsh IO+, an excess casualty solution.
Marsh IO+ was developed for companies with significant product and other mass tort exposures, organizations like retailers, food and beverage companies, construction firms, and manufacturers that produce and sell a high volume of products, Marsh said in a statement.
According to Marsh, companies that produce and sell a high volume of products are at risk for losses associated with “batch” claims, multiple bodily injury or property damage claims that result from a single product defect.
Marsh IO+ is an occurrence-reported excess casualty form. It includes the integrated occurrence feature which allows policyholders to batch claims into a single occurrence which could save them retention costs, according to the statement.
“As litigation costs continue to rise, and insurance coverage laws continue to evolve, a number of organizations may be at greater financial risk to product liability, from food contamination to construction material defects due to the structure of their casualty program,” Tony Tam, Marsh’s U.S. casualty placement leader said in the statement. “With Marsh IO+, we combine coverage provisions found in standard occurrence-reported forms with those found in standard occurrence forms to provide clients with a comprehensive solution that responds to today’s more challenging operating environment.”
On the day the U.S. celebrates Christopher Columbus' discovery of the new world in 1492, Probitas Syndicate 1492 started underwriting business that it said is new to Lloyd's of London.