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PHILADELPHIA – Commercial property insurer FM is rolling out its FM Essential product following a pilot phase, targeting mid-complexity manufacturing risks and positioning the offering as an entry point for companies seeking to improve operational resilience.
The product, unveiled Tuesday at Riskworld, builds on launches last year in New York, France and India and is being introduced in additional U.S. hubs, including Chicago and Cleveland, with Atlanta and Dallas to follow, the company said.
Internationally, FM Essential has been introduced in Australia, South Korea, Italy, Spain and Switzerland, with Germany and the United Kingdom slated for rollout in the second quarter.
The coverage is designed for manufacturing companies that may not meet the insurer’s highly protected risk standards but are looking to strengthen risk management over time, said Achim Hillgraf, Frankfurt, Germany-based operations senior vice president for global growth strategies.
“Resilience has turned into something that is essential for organizations to aspire towards,” Mr. Hillgraf said.
Policyholders are not required to meet full engineering standards at inception but are expected to demonstrate a commitment to improving resilience across their core risks, he said.
For example, a manufacturer would not have to be fully sprinkler protected to obtain coverage, he said.
“If you are very exposed, for example, to natural hazards, maybe that will be the original emphasis of a risk improvement aspiration and ambition, and maybe that will be the initial focus of it,” Mr. Hillgraf said.
The product offers limits of up to $500 million and is offered through FM’s stock company rather than its mutual for traditional FM members.
It includes engineering support, data analytics and claims expertise, FM said.
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