ACE European - Underwriting High Hazard Product Liability Risks video

Mark Roberts, ACE European Group, UK & Ireland Casualty Manager, provides an overview of high hazard products risks, examines the...
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ACE European - Underwriting High Hazard Product Liability Risks video transcript
 
Hi, I'm Mark Roberts, and I'm the UK/Ireland Casualty Manager. High hazard
product liability tends to be products that are manufactured by specialist
manufacturers and are used in high hazard, or challenging environmental end
uses. Some examples of high hazard products would be lifts, hoists,
valves, and a whole host of range of products within the surgical and
medical product area, such as heart monitors and surgical appliances.
 
I can think of an example where high hazard cover was required for a crane
manufacturer. This is typically a tough class of business with multiple
exposures. We were able to look at this on a very positive basis through
our risk engineers, through our claims capabilities, but also, particularly
from the legal side where the contractual exposure is significant as well.
 
I guess, three key underwriting criteria in this, are the fact that the
claims tend to be higher, and the claims tend to be more frequent in the
high product area. You've also got the issue of regulation, and that's
tighter, and in particularly, when you're exporting to the U. S., where
labeling and the litigation issues are much more significant.
 
Some of the key things to look for, for brokers, would be an experienced
underwriting team. We've got a team of people within major risks who deal
with high hazard products, day in and day out, and provide an excellent
service to brokers from a knowledge based position. Another area would be
a broad wording, picking up some of the key exposures, like recall, which
not everybody wants to cover.
 
That's just another area is to look at multinational. A lot of these
products are exported. We've got very strong products. We've got great
service behind it, and we've got wonderful U. S. capabilities to service
this well. And, we work very closely with AIRMIC in this sector.
 
Risk management is absolutely fundamental to understanding this type of
risk. What we're trying to do is establish a tripartite relationship with
the broker and the risk manager to put together a total understanding of
the exposure and then to establish the controls that are in place so that
we all make a success of writing this business.
 
People can find out more about protecting against high hazard risks from
our underwriters, our BDMs, our regional managers, or on our website.
 
-END-
 
The thoughts and opinions shared in this video transcript are provided for information purposes only and do not represent the views and opinions of You Talk Insurance Limited.  Professional advice should always be sought before making any decision
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