With many intersecting, overlapping, and simultaneous changes taking place in the manufacturing industry, companies require new strategies to manage and mitigate risks so they can free up resources to better take advantage of emerging opportunities.
To help manufacturers close gaps typically inherent in traditional insurance programs, Chubb has introduced Chubb Assembly, an industry vertical solution which offers scalable insurance enhancements and modular, liability-driven insurance solutions.
Public and Product Liability
The needs of manufacturing companies vary by industry. However, manufacturing companies in Singapore are recommended to have traditional insurance such as General Liability, Commercial Property, Business Income, Professional Liability (Errors & Omissions) and Work Injury Compensation insurance. Manufacturers should also consider Cyber insurance.
Product Liability offers broad protection for bodily injury and tangible property damage claims irrespective of whether a manufacturer designed, manufactured, installed or distributed the final product. Manufacturing Errors & Omissions Liability (Professional Liability) offers protection against financial loss claims arising from defective products or stemming from products that fail to perform.
Product recall expense insurance will cover the costs associated with regaining possession of defective products in the market that could cause bodily injury or property damage.
Yes, Chubb Assembly is designed for manufacturing companies and distributors of the manufacturing products as they might have similar exposures. Companies positioned in the manufacturing supply chain as a distributor or wholesaler will be eligible for Chubb Assembly as they have the same exposures as a manufacturer.
In some countries, these distributors are also deemed to be manufacturers of the products if the manufacturer does not have a presence in the country.
We will evaluate the types of product(s) and solutions that the subcontractor offers to determine whether Chubb Assembly or a monoline General Liability and Professional Liability (E&O) would best suit the subcontractor's needs.
There is no minimum premium amount as Chubb Assembly is a package policy tailored to individual clients’ needs. There are several factors to be considered which would influence the premium, including but not limited to:
a. Coverage sections required;
b. Size of company;
c. Nature of business (e.g. products manufactured);
d. Limits of Insurance; and
e. Exposure levels.
Premiums are based on individual components of the policy – Product Liability, Recall, Errors & Omissions (E&O) and Cyber. Our underwriters will review your company’s requirements and price the risks based on coverage and limits of each component, before combining them into one package solution. Premiums can cost less than S$10,000 for a small manufacturing company.