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A concrete construction contractor owns and operates several batch plants in the region. The concrete is manufactured to customer specifications at the batch plants and must be delivered within a specified time frame. The insured approached his insurance broker to obtain quotes for a boiler and machinery policy to provide coverage in the event of a mechanical breakdown of their manufacturing equipment. The coverage provided by the traditional insurance market was restrictive and expensive.
The doctor was concerned that if he was to sustain a serious injury or illness that would prevent him from operating, he would still incur the expenses of the business while not receiving his ordinary income. In the case of a prolonged injury or illness the financial impact would be substantial.
A U.S. based hedge fund invests primarily in short duration commodities contracts. The fund’s day to day trading activities are all done electronically, and thus, any resulting breakdown with their computer systems or power outage at their office would affect their ability to operate. In addition, the hedge fund is concerned that the loss of one or more of their Portfolio Managers would be detrimental to the financial strength of the fund.
A doctor on the west coast owns 15 separate farming operations, each producing different crops each year. The traditional approach for insuring damage to crops is through the Federal Crop Hail Program. Although this is a good alternative, the perils offered are limited, as there is usually a large deductible and the coverage offered is restrictive.
A U.S. manufacturer builds trucks specially fitted with oil rigs that are sold to oil and gas companies to drill for oil. Not only does the insured enter into a number of contracts with international customers, their business is subject to the oil and gas cyclical economy. The loss of one or more of their international contracts would be detrimental to the financial strength of the manufacturer.
A midsized, privately held real estate developer, is required to carry both an environmental liability policy and a condemnation policy in order to enter into certain contractual agreements with local governmental bodies and general contractors. Each policy contains a $250,000 deductible. The insured is concerned about the potential negative impact of a $250,000 expenditure to their operating income should they incur a loss under either policy.