General Star launches product liability coverages

Insurer General Star Management Company has launched a trio of specialised product liability coverages.  The product suite named Encore! are designed to protect manufacturers, importers and distributors from product liability exposures arising out of discontinued products, mergers or acquisitions, or other past product exposures. Discontinued products coverage is available on both occurrence and claims-made forms, depending on individual risk characteristics. A three-year policy term is standard and can be increased to five years where eligible. With premiums that are fully earned at inception and non-adjustable, the policy offers a single aggregate for the policy term. Additional insured status for the purchasing company is an option, subject to eligibility requirements. General Star provides primary limits of up to $2 million excess limits, available depending on the applicant’s risk profile. Retroactive limits of liability provides protection for a merger or acquisition scenario in which the seller has no or inadequate product liability coverage. General Star provides claims-made coverage with limits of up to $1 million, with a one-day policy term and a customised reporting period designed to meet the requirements of the merger/acquisition. Retro dates of up to five years are available, subject to eligibility. Liability trigger conversion provides “Nose” coverage under a variety of scenarios when a business converts its liability insurance from a claims-made to an occurrence form. Protection is provided on an occurrence basis, with a liability trigger conversion endorsement. Nose coverage is provided on a one-year term and is renewable annually. Limits of up to $2 million per occurrence are available for eligible applicants. Excess coverage will be considered on a case-by-case basis. Underwritten by General Star’s Casualty Division, primary and excess coverage is provided on a non-admitted basis by General Star Indemnity Company. “We are pleased to announce this branded platform of specialized product liability coverages,” said Cole Palmer, vice president and casualty & professional division manager.  He added: “Encore! represents a distillation of 25 years of General Star expertise with wide ranging product liability exposures, and with the changes in product lines or ownership faced by manufacturers, importers and distributors.” Marty Hacala, president and chief executive officer, commented: “The ‘Encore!’ brand is General Star’s latest expression of its commitment to the product liability marketplace. With unsurpassed financial stability, a veteran corps of underwriting and claims professionals, and an enduring appetite for the most challenging parts of the product liability life cycle, we are pleased to bring these strengths together under the Encore banner.”