Because legacy asbestos claims and liabilities continue to threaten the financial well-being of many U.S. companies, Crump/Tri-City has developed a new insurance product that is designed to cover these liabilities over the long term.
Crump/Tri-City Brokerage Asbestos Liability Coverage controls and removes the uncertainty of "asbestos overhang" on future business performance and provides greater stability to companies facing the effects of asbestos liability litigation.
Target Classes
- Small to medium sized U.S. based asbestos risks
Coverage Offered
- Asbestos-related personal injury liability
- Products liability claims
- Premises & Completed Ops Coverage (available)
- Future claims (IBNR) including defense costs, indemnity expense
- Ground up & excess programs structures - Gap coverage/replacement coverage
Highlights
- Proprietary database and underwriting model – our carrier maintains an asbestos database that contains information from hundreds of asbestos defendant companies and millions of unique records. The database allows underwriters to analyze a large population of data and to identify microeconomic and macroeconomic factors that may impact a particular asbestos defendant as well as compare the insured’s experience against similar peer groups.
- Policy covers agreed exposure periods from 1920’s to 1985
- Multi-year protections out to 2054
- Value of historical coverage can be monetized or contributed as “credit” toward premium cost
- Active claims management for “ground up” programs
Premium Payment Options
- Fixed, up front premium, premium financing available, policy termination option available
- Can facilitate M&A, spinoffs and acquisitions with asbestos risk protections
Parameters
- Limits up to $20mm per policy - Higher limits available
- Solutions are tailored to the individual risk
Availability
Download this fact sheet
| Contact Us |
| |
|
Greg Steinman
Eastern Region, VP
212.293.3941
Email
|
Find A Broker
|
| |
Jim Hamilton
Western Region, VP
303.820.2626
Email
|
|
