Bankers Insurance re-engineered the insurance process from start to finish. We broke the mold on the flawed “Quote my coverage at renewal” cycle and instead approach the subject as if manufacturing a product. Read on to learn how our product stands out from the crowd.
Don’t Pay for the Mistakes of Others
Companies often unknowingly assume risk for other parties though contracts. Agreements with landlords, equipment rental companies, general contractors, subcontractors, vendors, and suppliers are all common offenders. Not only should the work to be performed be defined, but also responsibilities surrounding its risk.
One means to reduce risk is to transfer it to other parties. We aren’t suggesting it be transferred inappropriately, but each contract should clearly define each party’s due share. In this manner, neither unwittingly pays for the mistake of the other. Contracts should be reviewed by both a lawyer and an insurance agent. Agents, not lawyers, understand which insurance products most effectively mitigate risk. Even contracts for small amounts can carry large liabilities.
As an example, consider the case of a client who manufactured solar panels. They sourced the cells from a longtime supplier, but on a particularly large job the cells failed prematurely. The cost of installation was almost four times the cost of the finished panels themselves and our client was bound by warranty to remedy the situation. All contracts were soon being reviewed to determine which party was responsible to pay for removal, repair, and re-installation.
Each contract should clearly outline insurance coverage types, levels, and the parties responsible to obtain them. Further, they should highlight which coverages should respond under given circumstances. Many such requirements are met at zero cost, such as suppliers naming manufacturers as additional insureds.
Our manufacturers insurance program includes contract reviews to ensure our members are properly protected and that no surprises arise at the time of claim. To learn more, visit manufacturers insurance or contact us at firstname.lastname@example.org or (800) 541-1419.
Manufacturers Insurance Quote.