Food & Drink Manufacturing/Supply Sector
Businesses operating in the food and drink sector have specific insurance needs compared with other manufacturing and distribution businesses.
The widespread use of composite panelled buildings in the catering sector resulted in underwriters taking a measured approach to acceptance of risk, particularly those panels made of non-LPCB approved polystyrene in areas where ‘hot cooking` processes are undertaken. This increased fire risk, coupled with additional concerns for malicious product tamper exposure, has resulted in the emergence of a number of specialist insurers to the food and drink sector with the knowledge and capacity to offer suitably comprehensive coverage at a competitive cost.
We offer a free audit of incumbent insurance wordings to enable a professional critique to be undertaken which can identify gaps in cover or onerous conditions, before the design and delivery of an innovative and competitive alternative quotation.
Traditional food & drink insurances:
- Accident & Health insurance
- Business Interruption Insurance
- Credit Insurance
- Directors' & Officers' Liability Insurance
- Employee Benefits Insurance
- Employers, Public & Product Liability Insurance
- Employment Law Protection Insurance
- Engineering Insurance
- Marine Cargo/Goods in Transit Insurance
- Money Insurance
- Motor Fleet Insurance
- Property, Contents, Machinery, Work in Progress & Stock Insurance
Additional food & drink insurance considerations:
- Alternative risk transfer solutions, such as captive insurance or protected cell company options or cross class or aggregated deductibles
- Derivative contracts (e.g. a weather derivative for an ice cream manufacturer can be set to pay out a pre-agreed amount following a wet summer regardless of actual loss suffered)
- Environmental liabilities
- Intellectual properties
- Kidnap and ransom for staff travelling to potentially volatile areas
- Malicious product tamper, product recall and crisis containment
- Political risks
- Public offering of securities indemnity for private companies planning to float on a stock exchange (e.g. legal liability for the issuing of a statutory prospectus to investors). For more information about this please click here.
- Surety bonds (e.g. duty deferment)
- Cyber Liability – Comprehensive protection against costs associated with a data breach, as well as cover for business interruption not just from data breach, but also arising from system failures / eg hackers tampering with electronic control systems.