Marsh Launches New Excess Casualty Solution for Product Liability Risks
New York | November 03, 2015
Marsh, a global leader in insurance broking and risk management, announced today the launch of Marsh IO+ ©, an enhanced excess casualty solution designed for companies with significant product and other mass tort exposures.
Organizations like retailers, food and beverage companies, construction firms, and manufacturers that produce and sell a high volume of products are increasingly at risk for losses associated with “batch” claims – multiple bodily injury or property damage claims arising from a single product defect.
Depending on the insured’s excess casualty program structure and applicable law, such claims may be deemed separate occurrences, thus subjecting the insured to multiple retentions or worst case, no umbrella/excess coverage at all.
Developed by Marsh’s Casualty Practice and leading Bermuda and international insurers, Marsh IO+ is an occurrence-reported excess casualty form that includes the “integrated occurrence” feature found in standard occurrence-reported forms. The integrated occurrence feature allows insureds to batch claims into a single occurrence, potentially saving them significant retention costs.
Unlike traditional occurrence-reported forms that were first developed in Bermuda in the mid-1980s under Marsh’s guidance, Marsh IO+ also includes features found in today’s more widely-used occurrence forms, including separate aggregate and unaggregated auto liability limits, expanded pollution coverage, acceptance of standard umbrella submissions, and automatic extended reporting coverage.
Marsh IO+ supports up to $300 million in limits excess of attachment points, depending upon risk profile, from as low as $10 million to a projected average of $25 million.
“As litigation costs continue to rise and insurance coverage laws continue to evolve, a number of organizations may be at greater financial risk to product liability — from food contamination to construction material defects — due to the structure of their casualty program,” said Tony Tam, Marsh’s US Casualty Placement Leader. “With Marsh IO+, we combine coverage provisions found in standard occurrence-reported forms with those found in standard occurrence forms to provide clients with a comprehensive solution that responds to today’s more challenging operating environment.”
Learn more about Marsh's Marsh IO+ excess casualty solution.
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.