Filed Under:Agent Broker, E&S/Specialty Business

Coverage Trends in Manufacturing’s “Big 3” Risks: Workers’ Comp, Product Recall and Supply Chains

Louis Lubrano, the New York-based senior vice president of global crisis management for Liberty International Underwriters
Louis Lubrano, the New York-based senior vice president of global crisis management for Liberty International Underwriters

Those who manage and underwrite risks for manufacturers are facing familiar risks—but with some challenging new twists.

With Workers’ Compensation, the big shift is the medical component of costs exceeding indemnity costs—this after an extended period when companies could materially cut their Workers Comp’ expenses by focusing primarily on returning injured employees to work.

Manufacturing & Workers’ Comp: Four Tips for Controlling Medical Costs

The National Council on Compensation Insurance Inc. (NCCI) reports that medical services now represent 60 percent of Workers’ Comp claim costs. In the past, indemnity costs made up the biggest part of the Workers’ Comp claim.

Winning Plan for Workers’ Comp: The Kennametal Case Study

At Kennametal Inc., the need to focus on the medical component of Workers’ Comp claims is an obvious one for the Latrobe, Pa.-based Fortune 1,000 company, which manufactures metal-product solutions for various industries.

Supply Chain Risks: Responding to the Wake-Up Call

2011 was a wake-up call for manufacturers on the fragility of their supply chains. Catastrophes last year—including massive floods in Thailand that disrupted electronic- and auto-parts manufacturers—caused record totals of $105 billion of insured losses and $380 billion of total economic damages worldwide, according to Munich Reinsurance America.

Policy Fine Points of Supply Chain Coverage

Experts note that supply-chain coverage has some limitations that policyholders often do not consider.

Featured Video

Most Recent Videos

Video Library ››

Top Story

20 of the wealthiest places in America

If you want to build your roster of high-net-worth clients, these are the cities you should be targeting.

Top Story

What grade does your state get for its insurance regulations?

Eight states received an “A” grade, and one state received an “F.” Insurance is regulated almost entirely by the state level, and here's a report card on how the states are doing.

More Resources

Comments

eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.