Despite your diligent planning and execution, the potential for molten metal spills, steam explosions and the wide variety of products manufactured by foundries leave your operations open to several sources of potential loss and liability.
ALIGNED is proud to provide comprehensive insurance plans for foundries designed to address your unique exposures and large-scale risks.
Possible Claims Scenarios For Foundries
These are just a few examples of the potential liability and loss scenarios facing foundries:
- An investor is injured while visiting your foundry.
- Molten metal is spilled causing a fire. It’s put out quickly and thankfully nobody is fatally injured, but major damage or destruction of equipment results.
- Metal castings your foundry supplies to an electronics manufacturer are off by a few millimeters causing delays and lost revenues for your client.
- Sewage pipes manufactured at your foundry burst, causing a spill and necessitating a cleanup and resulting in lawsuits.
- Railroad car wheels or brake pads manufactured at your foundry are blamed for a train derailment.
It’s important to remember that even if products manufactured at your foundry are used as components or otherwise undergo further assembly or manufacturing downstream, there are still plenty of liability exposures for your foundry as litigation generally means including as many defendants as possible. Having the right liability coverage, therefore, is crucial in a foundry’s insurance portfolio.
Foundry & Metal Insurance Coverages
These are some of the coverages that can be customized to meet your foundry & metal insurance needs:
Commercial General Liability Insurance – provides coverage for medical expenses, property damage costs, lawyer’s fees, settlements and awards for damages for claims alleging personal injury, property damage, false advertising and libel or slander.
CGL insurance for foundries will typically include Product Liability Insurance which can cover your liability exposures for defective products that lead to property damage and/or illness or injury claims.
Extensions are also available for Product Recall Insurance that can provide coverage for extra wages, brad rehabilitation expense and replacement, notification and testing costs, among other expenses, and Pollution Liability Insurance for cleanup and litigation coverage.
Manufacturers Errors and Omissions Insurance – that can provide protection for downtime incurred by others based on your moulds, dyes, patterns etc., not being manufactured to specifications and other liability exposures caused by professional errors or omissions.
Property Insurance – we can provide specialty property insurance designed specifically for manufacturing and foundry operations.
Property insurance for foundries can also include Business Interruption Coverage for income lost following an insured peril.
Other coverages your foundry may need:
- Boiler & Machinery Insurance / Equipment Breakdown Insurance
- Commercial Vehicle Insurance
- Cyber Liability & Privacy Insurance
- Accounts Receivable Insurance
- Directors & Officers Insurance
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- How You Can Manage Risk with Manufacturing Industry Insurance
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- Canadian Manufacturers & Distributors Insurance Coverage
Get ALIGNED with a company that specializes in commercial insurance.
Commercial insurance is all we do. When you choose ALIGNED you get a commercial insurance broker with expertise in risk management for manufacturers and an advocate representing your interests. We work with Canada’s top insurance companies to get your foundry responsive coverage at the best possible rates.
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
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