Axon Underwriting unveils its unique Stock Throughput And Pollution Liability Exposure (STAPLE) product offering a single step solution for an insured’s supply chain exposures.
The newest in Axon’s innovative coverage offerings.
Somerville, NJ – Axon Underwriting introduces a first of its kind stock throughput product. Axon Underwriting’s Stock Throughput And Pollution Liability Exposure (STAPLE) combines Stock Throughput and broad third party pollution coverage into one policy form. Stock Throughput is comprehensive all-risks first party coverage for an insured’s goods, commencing the moment they assume responsibility until their interest ceases. Property coverage is provided for raw materials, work in progress and finished products on a global basis while pollution liability coverages are extended via a separate embedded insuring agreement.
STAPLE offers seamless worldwide coverage through the insured’s supply chain. With ocean cargo, inland transit and stock inventory all under a single policy it eliminates the potential gaps in coverage found through having multiple policies.
“Axon is very excited to offer STAPLE to our brokers and their clients as an exclusive product not previously available in the insurance market,” says Randy Hampton, Executive Vice President and Partner at Axon Underwriting. “Combining the elements of ocean cargo, inland transit and inventory coverage under one policy, along with third party pollution liability resulting from a stock loss, allows our broker network a distinct advantage. STAPLE’s unique combined form is designed for manufacturers, distributors and logistics companies whose products, if damaged, pose an environmental hazard.”
“There’s a common misbelief that standard Stock Throughput Policies provide proper pollution protection,” says Doug Gahagan, Executive Vice President and Partner of Axon Underwriting. “Closing pollution gaps in transportation coverage is crucial to making certain that end to end delivery is safeguarded from exposure to third party liability issues. With STAPLE available in all 50 states, we expect it to solve a number of existing cargo issues tied to pollution exposures leading to devastating but often underestimated loss.”
About Axon Underwriting Services LLC
Axon Underwriting Services LLC is a Program Administrator formed in 2013 by brokerage and underwriting experts to raise the bar in business insurance performance. Our extensive understanding of industry-specific environmental exposures enables us to provide comprehensive coverage solutions for select partners. Axon Underwriting is dedicated to providing unparalleled service across the board.
For Immediate Release Contact: Damian Lorenzo III, February 13, 2015 Communications Project Manager
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