NORTH KINGSTOWN, RI, MARCH 4, 2023 — Falvey Insurance Group proudly announces the introduction of its latest innovation in insurance solutions, Commercial Output Insurance. Crafted by its Inland Marine Managing General Agency (MGA), this policy is specifically designed to cater to the diverse insurance needs of businesses in the manufacturing, institutional, industrial, and commercial sectors, focusing on those with medium to large-scale operations.
The Commercial Output insurance policy is an ideal approach to business coverage, combining multiple essential insurance aspects into a single, streamlined package. This integration offers businesses the convenience of minimizing the complexity of their insurance portfolios and effectively eliminating the risk of coverage overlaps or gaps. A commercial output policy (COP) is insurance that bundles together commercial property and inland marine coverage. Its purpose is to ensure that a company’s product is insured both during production and while in transit.
The policy’s comprehensive coverage includes, but is not limited to:
- Property in Transit: Ensures the protection of goods while they are being transported on their own trucks, covering losses due to theft, damage, or environmental conditions.
- Electronic Data Processing (EDP): Provides coverage for hardware, software, and data.
- Contractors Equipment: Offers broad coverage for mobile equipment and tools used by contractors, from small tools to machinery, against loss or damage, although it is cohesive with the associated Contractors Equipment form which is a bit more specific, however, smaller scheduled can be wrapped into the COP.
- Business Interruption: Provides businesses from financial losses that occur when they are unable to operate due to a loss from a covered peril to their facilities or equipment.
This policy is tailored for businesses seeking comprehensive asset protection, including contractors, warehousing operations with extensive inventory storage, light manufacturers, assemblers, distributors, dealers, wholesalers, and processing facilities. It is designed to offer a robust safeguard for the wide-ranging assets and operations of these businesses against a spectrum of risks. This policy is complementary to Falvey’s existing suite of inland marine products.
Tom Nasso, Chief Underwriting Officer at Falvey, articulates the company’s commitment: “With the launch of our Commercial Output insurance, we reaffirm our dedication to addressing the evolving insurance needs of businesses. This product simplifies the complexities of managing diverse risks while providing broad, effective coverage. It’s a reflection of our deep understanding of the challenges facing medium to large-scale operations and our commitment to delivering solutions that make a difference.”
For more information about the Commercial Output insurance policy or to get a quote, please reach out to submission@falveyins.com.
To read the official announcement, visit: PR Newswire
About Falvey Insurance Group
Falvey Insurance Group is one group with many solutions, distinguishing itself through its robust product offerings that extend beyond premium coverage, providing clients and broker partners with a suite of added-value services at no additional cost. Our commitment to excellence over decades has earned us a reputation for exceeding client expectations and prioritizing their needs. A broker agreement with Falvey opens up access to our comprehensive product lineup and seamless claim handling and loss control experience, backed by our World-Class service from any of our underwriting teams. Learn more about Falvey at falveyinsurancegroup.com.
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