KANSAS CITY, Mo. and LONDON, April 18, 2011 /PRNewswire/ -- Lockton, the world's largest privately held insurance broker, is launching a package of risk management solutions called Enterprise Disruption Contingency Insurance designed to help companies cope with previously "uninsurable" risks.
Lockton's Enterprise Disruption Contingency Insurance offers an innovative "umbrella solution" for such grey area risks as loss of intellectual property rights, inability to manufacture or distribute a product because of another organization's product recall, regulatory risks, and information technology network disruptions or suspensions.
"Insurance underwriters have traditionally focused on mainstream property and casualty risks, which can leave many of the exposures surfacing for today's enterprises uncovered," said Emily Freeman, Executive Director of Lockton's Global Risks team in London. "Enterprise Disruption Contingency Insurance provides customized coverage for risks that many risk managers and executives have found uninsurable previously."
Supported by key London insurance market syndicates, Lockton can offer initial insurance capacity of up to $75 million for this program. Policy language is customized to the needs of individual companies.
"The aim is not to offer an all-inclusive solution for every conceivable supply chain or infrastructure risk," said Ian Harrison, Partner with Lockton's Global Risks team in London. "We work with risk managers to focus on key areas of vulnerability and areas where redundant systems or business contingency planning alone do not provide sufficient safeguard. It's a true collaboration between the client, broker, and underwriter."
The Enterprise Disruption Contingency Insurance program also includes an innovative risk workshop with the covered company and key suppliers and vendors.
Lockton has issued a detailed report on Enterprise Disruption Contingency Insurance that describes the issues and challenges in detail. It is available free at Lockton.com.
More than 3,800 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services, offering an uncommon level of client service. From its founding in 1966 in Kansas City, Missouri, USA, Lockton has grown to become the largest privately held insurance broker in the world and 9th largest overall. Business Insurance recognized Lockton as a "Best Place to Work in Insurance." You can learn more at www.lockton.com.