Background
A mid-size technology parts manufacturer with global sales
over $20,000,000 was planning to sell a division using an“assets only” approach.
Problem
Management was understandably nervous about ongoing
liabilities for sold products already in the marketplace.
While the company could relatively easily continue to
carry a sold division’s name on ongoing insurance when
operations of the parent company are continuing, the
challenge was to put a program in place prior to the
sale that would protect the officers and boards once the
company had folded.
Solution
N.P. James Insurance Agency recommended securing
continuing insurance risk protection for the offi cers and
board. A team including an underwriter was put together
to work with the company’s legal representatives to
structure a program that would cover past products once
the company was sold.
Results
The technology manufacturer moved ahead with the sale
after securing a specifically designed and well-defined
program to cover the identified risks.
Background
A large component manufacturer, primarily serving
defense contractors, came to N.P. James Insurance to help
understand their exposures for travel, shipping, and global
liability for internationally exported products.
Problem
We advised the client that while standard domestic
property/liability insurance programs offer “worldwide”
coverage, they cover only suits first brought in the U.S.A.
local foreign court is likely to see an overseas suit first,
which would result in a denial of coverage by the U.S.
insurer. In addition, the client had not secured global
coverage for products, operations, travel, and employee
assistance.
Solution
With tighter regulations and sanctions in world trade
blocs, blunders in risk protection can be very costly. We
researched and recommended a comprehensive global
insurance program that mirrors domestic package at a low
cost.
Results
The client now has protection for not only its products but
also operations, travel, and employee assistance for its
international business.
Background
A long-time software developer client with worldwide
revenues over $50,000,000 let us know that aircraft
manufacturers are using their product for component
analysis.
Problem
Even if that software application never leaves the ground,
any products used around aircraft, aerospace, or airports
need special attention for associated risks. Any liability
associated with aircraft is excluded on standard general
liability policies. In order for the general liabilities insurer
to assume the remaining product risks, they required an
aircraft-specific policy.
Solution
N.P. James Insurance Agency identified and recommended
a specialty aircraft product liability carrier to assist
with placement and pricing.
Results
The software developer acquired the necessary policy at a
reasonable price and the GL carrier was satisfied.
N.P. James Insurance Agency | 33 Bedford Street | Concord, MA 01742 | (978) 369-2771
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