Ironshore Launched a policy that combines crucial coverages typically purchased separately for specialist engineers. FM Global added a new cyber-related loss endorsement to its cyber coverage. Church Mutual Insurance Company will team with Hartford Steam Boiler to offer eligible clients weather monitoring technology for places of worship.
Ironshore International now offers a policy that combines professional indemnity and general liability cover for specialist engineers.
Specifically, the insurer introduced coverage it will underwrite for professional liability, general liability, product liability and employer’s liability under one policy form. The target audience is engineering firms of any size, domiciled outside of the U.S.
Ironshore said it launched the product to address higher demand for a comprehensive cover for challenging industries, such as oil and gas, mining, power, chemical and utilities.
Typically, engineers buy standalone professional indemnity and general liability insurance policies from separate carriers. Ironshore’s updated approach is designed, in part, to avoid possible disputes among carriers over proper allocation of claim indemnity payments erupting under one or more policies.
FM Global enhanced its cyber coverage with a new cyber-related loss endorsement.
The global property insurer (and mutual insurance company) added an endorsement to its all-risk FM Global Advantage policy – Cyber Optimal Recovery – with a goal of helping to maximize a client’s recovery from a cyber-related loss.
FM Global’s Cyber Optimal Recovery endorsement is designed for clients that have, or intend to purchase, a stand-alone cyber policy. It gives clients the option to choose whether the FM Global Advantage policy is primary, contributing or is in excess to a cyber policy, in order to maximize recovery under both policies.
Church Mutual Insurance Company partnered with Munich Re’s The Hartford Steam Boiler Inspection and Insurance Company to offer weather monitoring technology for places of worship.
Eligible customers will get temperature and water sensors connected to a 24/7 monitoring system – technology designed to alert customers to take action before damages and disruptions hit their ministries.
Such damage can include frozen pipes/water damage, among other issues.
Church Mutual, founded in 1897, offers specialized insurance for religious organizations of all denominations, plus schools, camps, denominational offices and senior living facilities.
Sources: Ironshore, FM Global, Church Mutual