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General Star Management Co. said Wednesday it is offering three new specialized coverages for protection against product liability exposures: discontinued products, retroactive limits and liability trigger conversion.
The Stamford, Connecticut-based insurer developed the product suite “Encore!” for manufacturers, importers and distributors who needed coverage from product liability exposures due to discontinued products, mergers or acquisitions, or other past product exposures, the statement said.
“The ‘Encore!’ brand is General Star’s latest expression of its commitment to the product liability marketplace,” said Marty Hacala, General Star Management Co. president and CEO in a company news release.
Discontinued Products is available on both occurrence and claims-made forms with primary limits of up to $2 million and excess limits depending on the applicant’s risk profile. Retroactive limits of liability protect in a merger or acquisition scenario where the seller has no or inadequate product liability coverage, according to the release.
General Star provides claims-made coverage with limits of up to $1 million, and retroactive dates of up to five years are available, subject to eligibility. Liability trigger conversion provides “Nose” coverage under various scenarios when a business converts its liability insurance from a claims-made to an occurrence form. Nose coverage is provided on a one year term and is renewable annually with limits of up to $2 million per occurrence available for eligible applicants, the release said.
The volume of merger and acquisition activity in the insurance industry more than quadrupled in 2015, to $194.9 billion from $43.8 billion in 2014, with additional major activity expected, particularly in the property/casualty sector, according to a study issued Wednesday.