Products Liability Risk Is Constantly Evolving. Here’s What a Good Underwriting Partner Should Be Doing

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In the hyper-specialized world of products liability underwriting, top underwriters know they need to develop a deep understanding of their clients’ exposures.

Some products, like cosmetics or sustainable cleaning products, will naturally have a lower level of risk. But others — like heating products, certain pharmaceuticals, heavy machinery or some sporting equipment — may be more likely to experience losses.

“There’s certain types of products where you are guaranteed a loss,” said Amy Finnegan, executive underwriting director, E&S brokerage excess casualty with Nationwide. “That doesn’t mean you can’t write those products; you just have to know how to write those products, what to look for and how to manage those products through your years of having them on the books.”

To accurately write products liability coverage, underwriters need to understand evolving trends in the space, build deep expertise in their clients’ products and businesses, and work with claims teams to write specialized coverage terms.

The best in the industry will excel in all three of these areas for a products liability approach that serves both their insureds and the carrier’s book of business.

To learn more about Nationwide, please visit their website.