[July 31, 2014] |
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General Star Sets Sights on Chemical Products Liability
STAMFORD, Conn. --(Business Wire)--
General Star Management Company today announced underwriting
enhancements for chemical product manufacturers and distributors.
For the first time, General Star will offer occurrence form coverage for
manufacturers and distributors of certain less hazardous chemicals,
including those categorized as "environmentally green." Claims-made
coverage will be offered for all other eligible chemicals, with options
for defense costs outside or inside the limits.
From new ventures to businesses with up to $50 million in revenue,
General Star will offer coverage to chemical manufacturers and
distributors including those seeking protection for discontinued
products or operations. A broad range of chemical product types are
eligible, including fine, commodity and specialty chemicals; household
and commercial finished chemical products; organics, inorganics and
synthetics; reference or laboratory standard chemicals; detergents,
lubricants, fertilizers, soap, adhesives and paint/other coating.
Chemical research laboratories (excluding pharmaceutical research) will
also be underwritten.
Limits up to $10 million are available.
"We are excited to offer improved features and benefits to the chemical
industry," said Cole Palmer, Vice President and Casualty Division
Manager for General Star. "General Star is tackling another challenging
class and engineering a variety of customized solutions to meet the
needs of the full range of light to high hazard chemical operations,
including the rapidly expanding 'green' chemical business."
Robert M. Jones, President and Chief Executive Officer of General Star
added, "We are committed to bringing innovative surplus lines products
and upgrades to market, meeting the ever-changing needs of today's
manufacturers and their distributors. Product liability is a key product
offering for General Star, from brokerage Casualty to our delegated
Contract P&C division, and we are pleased to contribute valuable
solutions for tough-to-place risks in the surplus lines marketplace."
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 0031-34991. Insurance is placed with the
General Star Indemnity Company by licensed producers and, for risks that
qualify, by licensed surplus lines brokers. This product is not
available in all states.
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