PHILADELPHIA, May 20, 2016 /PRNewswire/ -- "As U.S. chemical manufacturers and distributors of all sizes significantly increase their business overseas, they are facing challenges posed by product liability issues, environmental regulations and widely varying insurance laws," said Ernie Salas, Vice President, Specialty Casualty & Construction, Chubb. "These firms need to identify such risks to their foreign operations and develop a robust strategy to manage them."
Salas, who has authored a new Chubb advisory on the topic, sees foreign risk management challenges as a growing concern for chemical firms. By 2019, the U.S. is expected to run a $77 billion trade surplus in chemicals, according to the American Chemistry Council.
The Chubb advisory, "Growing Global Chemical Trade Brings New Risks for U.S. Firms," offers risk management and insurance strategies to adequately address the exposures of doing business abroad. Specifically, the advisory examines the following key areas for consideration:
- Product Liability
- Emerging Environmental Regulations
- Transportation and Disposal
- Emerging Chemicals
- Filling Insurance Coverage Gaps
"A preemptive approach that includes working with an insurer that understands the chemical industry and has a strong global presence can potentially mitigate exposures and let companies focus on making the most of their new opportunities," said Salas.
The advisory is the latest installment in Chubb's series of insurance and risk management perspectives. To read the full advisory, click here.
Chubb is the world's largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com.
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