Insurance for Industry 

We advise on Industry insurance services 

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AssuransSelector has multiple year experience of advising businesses in the Industry segment on insurance services. The risk exposure differs depending on the business. In a manufacturing business you need to focus on Product Liability and General Liability. 

We assist a number of clients with international business. During the years we have built a network of partners in most of the countries where Swedish companies have operations. We have the tools to create international insurance programs giving clear control, insight and cost efficiency.

Below you can read about the typical insurance coverage for Industry companies.   

General and Product Liability

An insurance that covers claims based on property damage and bodily damage. The insurer investigates whether the claim is rightful. The insurer negotiates and represents the insured in possible court or arbitration procedures and covers liability for damages resulting from bodily or property damage which the insured's product has caused to third parties.  

An insurance does not only cover protection against claims for damages but the insurer assists as well with: 

• investigating whether or not liability is at hand 
• negotiating with the counterparty 
• representing the insured at trial and paying for trial costs 
• paying the damages that the insured may be liable for  

AssuransSelector is involved in a insurance incident process and assits the client with help and advise. We do not leave the client alone with the insurer. Our commitment covers alla parts and processes that may be relevant.

It is important to point out that a liability insurance does not cover "stand alone financial damages" meaning that damages and losses of a financial nature which are not a result of property or bodily damages are not covered. 

Amendment to a Product Liability Insurance 

Access and Restoration 

Covers costs for localisation and access to delivered and faulty product. As an example costs for tearing down a wall for replacement of a faulty product and restoration of the wall. The costs for the replacement of the faulty product as such is not covered as defined as a business risk.  

Recall

Covers certain costs in connection with recall of a faulty product where there is a substantial risk of property damaes and/or bodily injury. Costs for advertising are covered as well. With respect to Sweden, liability in accordance with the Product Safety Act is required for protection, meaning that the product is determined to have one or more so called security flaws.   
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Interruption

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Why do you have an interruption insurance? 
The insurance covers loss of proft margin due to a property damage covered by insurance.

In case of a manufacturing industry which is subject to for instance a fire, it may take time to restart the operations due to the need of claening and restoration. During the interruption the insurance covers loss of margin according to the terms which means sales deducted with variable costs.  

The insurance period is normally 12 months but can be prolonged and usually to 24 months in case of a manufacturing business.  
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Property

Insurance covering buildings, stock, inventories and computers. Prior to a (new) insurance period, the values of the assets need to be specified. The insurance is normally a full value insurance which means that it, in addition to fire, water damage and burglary, applies in connection with all unexpected events. To protect machinery from damages due to "inner reasons" a machinery damage insurance is available. 

In connection with new insurance, change of insurer or material changes, it is recommended and sometimes necessary to have a risk engineer to go through and evaluate all assets. The main purpose is to safeguard sufficient and correct protection. AssuransSelector co-operates with a risk engineer firm with mutual routines, knowledge and understanding of each part's role. This safeguards high quality and cost efficiency.  

Goods 

A Goods insurance is the only way to insure the full value of goods that has been destroyed or disappeared during transport or connecting loading and unloading. 

If you as a seller engages a forwarding agent, your protection is limited. For the agent to be liable it is necessary that the agent has acted negligent. The coverage is as well materially limited according to law and international conventions. With your own insurance you have a good protection and control of the costs which are fixed and what terms that apply. 

Transport to and from exhibitions, lifts, internal transports, transports between insurance places with own vehicles and transport of tools and machinery can as well be insured. 
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Directors & Officers 

The main reason for this insurance is the protection for Directors' & Officers' potential liability to be personally liable for damages. The demands and requirements on Directors & Officers tend to increase over time. 

This group of people can be held liable under Swedish and foreign law as well as based on inadequate and false reporting, breach of public orders, bancruptcy and insolvency situations and wrongful handling of personal data. Claims can be raised by the company itself, shareholders, debt owners and employees.  

The damages can be very high and are are normally not covered by the General Liability insurance. A D&O insurance covers as well costs incurred due to trial proceedings.  

Crime

The insurance protects the company from financial losses as a result of crime, internally and externally. The insurance covers costs for investigation, representation and negotiation. Damages to a third party due to employee's acts may be covered.  
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Depending on the terms, the insurance may cover costs for reconstruction of data and contractual liquidated damages. 
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Vehicles 

Motor third party insurance is compulsory according to law och is subscribed in each country. The insurance covers damages a vehicle causes on other vehicles and people. A Vehicle insurance is a full insurance covering legal costs, fire, glass, theft, engine and damages to the vehicle itself in traffic. 

Depending on the number of vehicles, the insured can either insure each vehicle or subscribe for a multi vehicle insurance. With a multi vehicle protection, vehicles that are bought and sold during the insurance period are automatically covered from registration.  

A travel insurance runs on a yearly basis normally for all employees and can as well include Board Members. The insurance protects employees while travelling.​​​ The insurance covers costs for property and bodily damages, such as illness, accidents, invalidity, death, travel interruption, loss of bagage, delay, liability and elimination of retention concerning home and car insurance. The insurance can be added with right of cancellation of travel. With the insurance follows access to medical support at all times. 

Contact us 

AssuransSelector AB
Järnvägsgatan 9
252 24 Helsingborg
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info@assuransselector.se
+46 (42) 12 07 60