STAMFORD, Conn.--(BUSINESS WIRE)--General Star Management Company today announced the creation of “Encore!”, a trio of specialized product liability coverages. They 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 $2,000,000; excess limits are 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 $1,000,000, with a one day policy term and a customized 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 $2,000,000 per occurrence are available for eligible applicants. Excess coverage will be considered on a case-by-case basis.
“We are pleased to announce this branded platform of specialized product liability coverages,” said Cole Palmer, Vice President and Casualty and Professional Division Manager. “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 & CEO, added, “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.”
Underwritten by General Star’s Casualty Division, primary and excess coverage is provided on a non-admitted basis by General Star Indemnity Company which is rated A++ (Superior) by A.M. Best Company and carries an AA+ Insurance Financial Strength Rating from Standard & Poor's Corporation. General Star is a wholly-owned subsidiary of General Reinsurance Corporation, a member of the Berkshire Hathaway family of companies.
General Star Indemnity Company is an eligible surplus lines insurer in all states, the District of Columbia, Puerto Rico, and the Virgin Islands. It has the status as an unlicensed insurer in California and operates under NAIC Number 0031-37362. Insurance is placed with the General Star Indemnity Company by licensed producers and, for risk that qualify, by licensed surplus lines brokers.
