Crump Introduces Exclusive GL and Product Recall Insurance Facility

CHICAGO, Jan. 13 /PRNewswire/ -- Crump Insurance Services, Inc. (Crump P&C), part of Crump Group, Inc., the nation's largest insurance wholesaler, today announced a new products liability form targeted to the manufacturing industry. Designed to cover financial losses resulting from product recalls, PRODUCTSplus™ includes not only protection for the general liability and recall expense components - including first party loss of income - it provides access to crisis management services. And, instead of merely reimbursing the insured for crisis management expenses, the facility has retained the services of a third party consulting firm that specializes in product recall corrective action management. With PRODUCTSplus, insureds receive assistance with every component of the recall process, as well as real-time crisis support on how best to address customer needs and to safeguard the insured's reputation. This multi-faceted solution provides financial protection and logistical planning, as well as assistance with any necessary communications to consumers, the public, and the media.

"PRODUCTSplus is an excellent example of Crump's ability to work with carriers to develop insurance products to meet the evolving risk management needs of an industry.  Recent high-profile product recalls make it clear that these situations can be costly, and since most recall policies do not offer crisis management services directly, PRODUCTSplus offers a unique level of protection.  Many manufacturers do not carry product recall coverage, and those that do are probably not adequately protected as product recall, loss of income and product recall management expenses are typically not covered in a general liability policy," said David Fiske, senior vice-president of Crump P&C - Chicago.

PRODUCTSplus™ is backed by Crump P&C's extensive expertise in helping insurance agents and their manufacturing clients proactively assess and manage their product recall risks.  It addresses all aspects of a true recall exposure and is available exclusively through Crump P&C.  Target risks include any U.S. domiciled manufacturing operation, whether component parts or end use products.  Limits are tailored to the individual risk.  

About Crump Insurance Services

Crump Insurance Services, Inc. (Crump P&C) is part of Crump Group, the nation's largest insurance wholesaler.  As the property & casualty insurance division of Crump Group, it is made up of Crump wholesale brokerage locations across the U.S. and in Bermuda (including the former Tri-City Brokerage) and Five Star Specialty Programs.  Crump P&C is a market leading independent wholesale distributor of property and casualty insurance, linking an extensive network of retail brokers and agents to products provided by over 150 leading insurance carriers. Crump P&C offers specialty underwriting capabilities, numerous in-house binding authorities, and supports the wholesale placement of a wide range of specialized commercial insurance solutions, including customized coverage for complex P&C risks, commercial and habitational real estate risks, products liability, high-limit property, catastrophe, and professional and medical liability. Its experienced brokers serve as a single connection point for its retail clients to access domestic and international insurance companies. Crump P&C offers customized insurance products as well as sophisticated system capabilities.  Acting as a program administrator for numerous P&C carriers, 5Star Specialty Programs develops and provides specialty underwriting for commercial insurance programs – including transportation related risks, workers' compensation solutions, professional liability, and more – matching insurance needs and market opportunities with the appropriate coverage.   Additional information is available at www.crumpins.com and www.5Starsp.com.

About Crump Group, Inc.

Crump Group, Inc. (www.crump.com) is the largest wholesale insurance distributor in the United States, and through its Ascensus division (www.ascensus.com) is the largest independent U.S. provider of recordkeeping and support services to company-sponsored retirement plans in the micro to large segments of the market.  Crump P&C, its property and casualty insurance services division (www.crumpins.com; www.5starsp.com) is among the largest U. S. providers of wholesale brokerage and specialty programs to the commercial property and casualty insurance industry.  Life Insurance Services (www.crumplifeinsurance.com) is among the largest wholesale distributors of services that support the sale of life related insurance and annuity products.

SOURCE Crump Insurance Services, Inc.