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WORKERS COMPENSATION,INSURANCE TECHNOLOGY

AXIS Launches Environmental and General Liability Coverage for Manufacturers

Axis Launches | January 04, 2023 | Read time : 03:00 min

AXIS Capital Holdings Limited has announced the implementation of a Specialty Package Policy for manufacturers through its Environmental business unit. The SPPm policy protects manufacturers against a wide range of general and environmental liability risks in a single insurance package.

Manufacturing, distribution, warehousing, and processing businesses, as well as waste storage, treatment, and disposal facilities, are all covered by SPPm. The new policy is accessible to US-based manufacturing and distribution enterprises with up to $2 billion in revenue.

According to AXIS, this new environmental product is just one element of its larger initiative to bring more advanced capabilities and fresh ideas to the niche market. As a result of the complexity of the risks they confront, manufacturers and wholesalers require insurance policies of an equally high level of sophistication.

SPPm offers ISO-based CGL, product and product pollution liability, non-owned site pollution liability, transportation pollution, premises pollution liability, employee benefits administration, emergency response expense coverage, and product withdrawal expense.

As general liability and environmental risks become more linked, AXIS says it's no longer prudent to examine them separately. With SPPm, the company can provide its partners with an integrated solution to managing complicated risk and coverage in a simple, smooth, and cost-effective way.

About AXIS Capital

AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance through its operating subsidiaries. As of September 30, 2022, the company held shareholder equity of $4.3 billion with locations in Bermuda, the United States, Europe, Singapore, and Canada. The ratings of 'A+' ('Strong') and 'A' ('Excellent') that have been given to the company's operating subsidiaries by Standard & Poor's and A.M. Best, respectively, reflect the company's excellent financial standing.

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