When talking to our clients and prospects we often hear the view that the insurance industry needs to re-assess its product and service offering and move away from product line silos of property, liability and cargo business towards an integrated, holistic risk transfer solution.
The JLT food initiative does not claim to sweep away decades of insurance market practice. However it is a bold attempt to present various lines of business into a single coherent package that offers best in class policy wordings designed to address the risk inherent in the food sector.
The wording will incorporate various extensions not usually seen in traditional property and liability policies including, but not limited to, loss of yield, mixing and combining, change of flavour or aroma, shelf space coverage, retailer financial loss and batching provisions.
The initiative will also include product contamination and recall insurance, and stock throughput, using wordings specifically developed for the food industry.
Furthermore, we also provide a risk assessment survey and risk management review to assist in loss prevention. If the worst does happen then we also offer claims preparation costs and allow our clients to nominate their preferred loss adjuster and lawyers.
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For further information, please contact Simon Lusher, Food & Agri Practice Leader on +44 20 7459 5550