Marsh has launched Marsh IO+, an enhanced excess casualty product designed for companies with significant product and other mass tort exposures.
Organizations like retailers, food and beverage companies, construction firms, and manufacturers that produce and sell a high volume of products are increasingly at risk for losses associated with “batch” claims – multiple bodily injury or property damage claims arising from a single product defect.
Depending on the insured’s excess casualty program structure and applicable law, such claims may be deemed separate occurrences, thus subjecting the insured to multiple retentions or no umbrella/excess coverage at all.
Developed by Marsh’s Casualty Practice and Bermuda and international insurers, Marsh IO+ is an occurrence-reported excess casualty form that includes the “integrated occurrence” feature found in standard occurrence-reported forms. The integrated occurrence feature allows insureds to batch claims into a single occurrence, potentially saving them retention costs.
Marsh IO+ also includes features found in today’s more widely-used occurrence forms, including separate aggregate and unaggregated auto liability limits, expanded pollution coverage, acceptance of standard umbrella submissions, and automatic extended reporting coverage.
Marsh IO+ supports up to $300 million in limits excess of attachment points, depending upon risk profile, from as low as $10 million to a projected average of $25 million.
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