Your industry in focus
The manufacturing sector is undergoing a new industrial revolution. Innovations in technology, increasingly global markets, sophisticated supply chains and tough competition are the new reality. We don’t have to tell you the industry is complex – you know your business. Our goal is to help you protect it, and empower you to make it better, through pro-active risk management services and by underwriting to the specific risks your business is facing.
Mid to large sized manufacturers
- Metal products and components
- Commercial and industrial machinery and equipment
- Electrical machinery, equipment, and supplies
- Non-critical automobile parts
- Transportation equipment
- Food and beverage
- Machine shops
- Cement and concrete products
- Chemicals (low to moderate hazard)
- Rubber products (highly protected risks)
What Sovereign’s manufacturing solutions offer:
Businesses involved in manufacturing have standard risks they all need to prepare for – like property, business interruption, crime and liability – and we’ve got you covered. But your complex business needs more. Our approach is to provide solutions that your business actually needs instead of offering blanket protections designed for the sector you’re working in. It’s better value for your business to get protection that you truly need – and nothing that you don’t. Working with your Broker, we can customize limits and deductibles and work with coverages based on your needs.
We can develop a solution for:
- Property
- Business Interruption
- Equipment Breakdown
- Crime
- Liability
- Automobile
- Technology & Cyber
Coverages designed to protect your business:
We develop coverage to address the specific exposures faced by businesses like yours. Explore coverages unique to the Manufacturing industry below:
- Manufacturer's Errors and Omissions Liability
- Unspecified Locations - Contents (Worldwide)
- Contingent Business Interruption Extension - Named and Unnamed Locations (including supply chain disruption)
- Depreciation in Value of Undamaged Stock
- Product Recall Expense (Enhanced) – includes: product tampering, pre-recall expenses and replacement value expenses
- Product Impairment
- Social Engineering
- Radioactive Contamination
Key Coverages
Manufacturer's Errors and Omissions Liability
Manufacturer's Errors and Omissions Liability
Coverage snapshot
Mistakes happen. It’s how you recover from them that matters. Our Manufacturers Errors and Omissions Liability coverage can protect your business from financial loss and legal costs for errors like:
- Design errors
- Faulty installations
- Improper use of raw materials
- Subcontractor errors
- Product failures
And with our Specifications coverage, we can cover you for expenses you incur to repair or replace your product.
Unspecified Locations - Contents (Worldwide)
Unspecified Locations - Contents (Worldwide)
Coverage snapshot
In this economy, thinking globally is key to growing your business. Naturally, manufacturers looking to expand will find their operations growing to countries outside of North America. We help you get there, safely, by extending your stock and equipment coverage to non-owned locations located outside Canada/USA.
Contingent Business Interruption Extension - Named and Unnamed Locations (including supply chain disruption)
Contingent Business Interruption Extension - Named and Unnamed Locations (including supply chain disruption)
Coverage snapshot
You depend on partners, like suppliers and distributors, to get the job done. An issue at any point in your supply chain can cause a domino effect of business interruptions. If your supply chain is disrupted we can provide coverage to reimburse you for lost profits and extra expenses. We can also provide coverage for business interruption caused by direct physical loss or damage to the property of one of your partners.
Depreciation in Value of Undamaged Stock
Depreciation in Value of Undamaged Stock
Coverage snapshot
A loss might leave your stock undamaged, but that doesn’t necessarily mean you’re in the clear. Factors like environmental disruption or chemical exposure can cause your product to be rejected. Following a loss on your premises, if your undamaged stock diminished in value and can’t be sold, because of an order from an authorized government authority or because it fails to meet your minimum written quality standards, we can cover this stock loss.
Product Recall Expense (Enhanced) – includes: product tampering, pre-recall expenses and replacement value expenses
Product Recall Expense (Enhanced) – includes: product tampering, pre-recall expenses and replacement value expenses
Coverage Snapshot
The health and safety of your customers is your greatest priority. So, if your product has been intentionally tampered with (or is threatened to be tampered with) to cause harm to consumers, you need it recalled. Fast. We can help cover your expenses to withdraw the product from the marketplace. These expenses include your pre-recall expense (inspection) and the option to replace the recalled product. We include Product Recall Expense coverage for threatened, actual alteration, or contamination of a product that has been tampered with and as a result is unfit for use or dangerous to the consumer.
Product Impairment
Product Impairment
Coverage snapshot
When your reputation takes a hit, it can take some time to gain back the trust and confidence of your customers. Product Recall coverage helps you get your products off shelves and returned to your facility, but you could also sustain lost sales while things settle after the recall. This is where Product Impairment can help. It covers a reduction to your income resulting from the loss of confidence– a great complement to Product Recall Expense protection.
Social Engineering
Social Engineering
Coverage snapshot
We’ve all been exposed to scams - an alert from a security firm that your software needs a fix, or a financial institution advising you to correct an account error. It’s suspicious, and we know not to click. But fraudulent behavior isn’t always as obvious when it comes to our business. The truth is, no business is safe from social engineering. Our coverage protects your business if a third party fraudulently impersonates someone to intentionally mislead your employees into transferring money or securities into a third-party account.
Radioactive Contamination
Radioactive Contamination
Coverage snapshot
By their very nature, radioactive materials are unstable. It’s not an exposure you want to leave unchecked. Radioactive contamination protection is usually excluded from typical property insurance policies, but we cover direct physical loss or damage to your property caused by sudden and accidental radioactive contamination.
