I’ve undertaken a project for a local one-man shop who would like to sell to a national hardware store chain. They are receptive to the product but uniformly require all of their vendors to have General Liability plus this coverage with $2,000,o00 per occurrence.
Anyone have any experience acquiring this type of coverage?
Definition of ‘Completed Operations Hazard Insurance’
This type of coverage is often covered under general liability insurance, but sometimes is purchased by a contractor/manufacturer over and above general liability to cover loss or injury that occurs off the insured’s property.
Completed operations insurance (or in the case of consumer products, products-completed operations insurance) can cover manufacturing defects, failure to warn on usage or malfunction resulting in harm.
Lew - we’ve used our insurance broker to get limited duration liability insurance for research trips, photo shoots, etc but the manufacturers & retailers to whom we’ve licensed and/or sold into haven’t requested that - I’m guessing this must be one of the smaller chains - Ace/True Value, Menards, etc? We haven’t run into that with THD, LOWES or Grainger in the past.
Thanks Scott. Good guess; California based OSH Hardware (Orchard Supply Hardware). Owned by Sears Holdings. 100 stores in California, with two opening in Oregon. Known for their annual “train calendar” series.
Given the size of my client’s business, and the anticipated volume, it’s probably a deal breaker. I’ve got two requests for quotes out, but I’m not too enthusiastic about the prospects.
I am looking for liability insurance, and wonder if you could share your insurance company contacts.