As part of our commitment to offering state-of-the-art commercial insurance products, Frankenmuth Insurance is pleased to announce new packaged coverage forms for contractors and manufacturers. Each of these new forms is specifically built to provide a robust set of common and specialized property coverages, with several key niche coverages in the premier versions. In addition, our liability products work in conjunction with the property coverages to provide the broadest coverage available while reducing policy change processing for your agency.
Frankenmuth Insurance is focused on providing relevant coverages for your clients to support expansion of your market. While these coverages are not available until February 2021, we wanted to make sure you are aware of the changes and how they will serve your customers when they are released.
Premier Property Coverages
Contractors Property Premier and Manufacturers Property Premier begin with these base coverages:
- 10 blanket property coverages
- More than 25 additional property coverages and extensions, including foundations, underground pipes, flues and drains, marring and scratching, building ordinance and water discharge
- 10 blanket business income coverages, plus additional extensions like off-premises mobile equipment, crisis event coverage and extended period of indemnity
- 4 blanket crime coverages, including theft with employee benefit plan coverage, plus additional extensions, like robbery or safe burglary, computer and funds transfer fraud and money order and counterfeit money fraud
Then, the forms are further specialized for the type and size of the business to help you quickly tailor the right insurance coverages at the right price.
For contractors, there are two versions of the premier form, distinguished by the size of the blanket limits – $50,000 or $150,000. Premier also incorporates 14 key contractor-focused coverages in addition to blanket and additional property, business interruption and crime coverages.
For manufacturers, there are four versions of the premier form, distinguished by the size of the blanket limits – $50,000, $150,000, $250,000 or $500,000. Premier also incorporates 17 key manufacturer-focused coverages in addition to blanket and additional property, business interruption and crime coverages.
Premier Liability Coverages
The liability coverages designed to work hardest for contractors and manufacturers start with 10 types of additional insureds and nine liability coverage extensions, then are further customized based on exposures likely to be present in each industry. In addition, a new feature within Agency Services will allow individual additional insured organizations to be notified of coverage changes, if required by contract.
For contractors, the customizations include:
- Expanded additional insureds, including primary and non-contributory, blanket waiver of transfer of rights and automatic status for contractors including other parties and completed operations.
- Three more coverage extensions, including extended property damage for alienated premises and expanded pollution definition.
- Five additional coverages with significant limits, including employee benefits liability, electronic data liability, limited product withdrawal expense, voluntary property damage expense and unmanned aircraft liability.
- Three optional coverages to choose from: hired and non-owned auto liability, limited work site pollution liability and an updated errors and omissions liability for contractors.
In the Manufacturers Liability Premier, coverages will include:
- Expanded additional insureds, including primary and non-contributory and blanket waiver of transfer of rights.
- Three more coverage extensions, including damage to premises rented to you at $1 million limit with broader perils.
- Four additional coverages with significant limits, including employee benefits liability, electronic data liability, voluntary property damage expense and unmanned aircraft liability.
- Three optional coverages to choose from: limited product withdrawal expense coverage, limited exception for short term pollution event and an all-new errors and omissions coverage for manufacturers.
Manufacturers Select
The Manufacturers Select form combines key property enhancements and liability coverages for small manufacturing businesses in one highly competitive program.
Property highlights include:
- 10 blanket property coverages
- 31 additional property coverages and extensions, including foundations; underground pipes; flues and drains; marring and scratching; building ordinance A, B and C; and water discharge
- 11 blanket business income coverages
- 3 blanket crime coverages, including theft with employee benefit plan (ERISA) coverage
- Additional crime coverages and extensions, like robbery or safe burglary, computer and funds transfer fraud and money order and counterfeit money fraud
With Manufacturers Select, liability coverage is targeted specifically for smaller manufacturing operations. It provides:
- 10 additional insureds including broad form vendors, primary non-contributory and waiver of transfer of rights
- 9 coverage extensions
- Voluntary property damage expense coverage up to $10,000
- Limited product withdrawal expense coverage up to $50,000
To Learn More
For more information about the Contractors and Manufacturers Premier and Select products, download our agent guides with the links below. The guides are also available on our Print on Demand (POD) site, which is accessible from iBIS via the Marketing tab under Resources.
Our current Plus forms are still available on existing accounts, but we hope you’ll encourage your customers to take advantage of our new suite of contractors and manufacturers premier and select products, which not only offer more comprehensive, enhanced protection for businesses, but will also help you grow and provide better value to your customers.
