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FCCI focuses on the manufacturing industry
Manufacturing is FCCI’s second largest industry.
FCCI grew up as a construction insurance writer in Florida with a remarkably simple philosophy: To provide industry-leading service, pay claims quickly and fairly, and give customers more than they expect. As expansion in other lines of business, products and states flourished throughout the years, it is clear there is more to FCCI than construction.
In 2020, FCCI introduced several marketing strategies focused on the manufacturing industry – FCCI’s second largest industry after construction and the second largest industry in the U.S. ($6.2 billion GDP), accounting for 11% of GDP in the economy. Taken alone, domestic manufacturing would be the seventh largest economy in the world.
A key economic indicator and vital to the U.S. economy, it is an industry that has trended positively, showing steadfast recovery from the 2020 pandemic. With FCCI’s appetite, expertise and broad coverages, including Property, General Liability, Workers’ Compensation and Umbrella, it felt like the natural choice.
You stand by your product. We stand by you.TM
Service providers, manufacturers and technology companies are all vulnerable to lawsuits from dissatisfied clients, justified or not. Any manufacturer can be sued by a customer if it is believed a mistake such as a missed project deadline, a breach of contract, professional negligence, damages due to faulty workmanship, or a materials/design flaw leading to financial losses. This includes liability from a third-party financial loss related to the manufacturing of products.
The stories are not uncommon. A manufacturer supplies a part to another business’s final product. Due to an error, the part is not made to the correct specifications and cannot be used by the business. The business’s production is delayed and they file a lawsuit against the manufacturer for financial loss. The manufacturer now must pay for legal defense and, if a judgement is rendered against them, their customer’s financial losses plus any other awarded damages must be paid. For cases such as this, errors and omissions insurance can cover these costs.
As businesses grow and coverage demands increase, FCCI will be there with solutions and a promise.
In response, FCCI began offering Manufacturers Errors & Omissions (E&O) coverage in the second quarter of 2020 to complement our already broad product suite. FCCI business development specialists promoted and educated agents on this important gap coverage for property damage to a manufacturer’s product, work or faulty design. While many supplier contracts mandate Manufacturers E&O, costly mistakes can occur for any manufacturer. FCCI’s Manufacturers’ E&O provides coverage for two main risks faced by most manufacturers: damages caused by an alleged product, or work defect and related ligation expenses. We know you stand by your product, that’s why we’ll stand by you.
FCCI celebrates Manufacturing Day,
October 2, 2020
Manufacturing Day (MFG Day) is held annually on the first Friday in October to promote the importance of manufacturing on a national level and inspire young creators. In conjunction with MFG Day, the National Association of Manufacturers, together with The Manufacturing Institute, have launched the Creators Wanted campaign – an unprecedented effort to build the modern manufacturing workforce of tomorrow.
FCCI promoted MFG Day and U.S. manufacturers to our agent partners by sharing data and facts about the manufacturing industry via informational emails in the week leading up to the event. Social media posts and an agent communication on MFG Day honored the dedicated and skilled workers of this industry whose efforts and commitments contribute significantly to strengthen the economy and advance technologies.
FCCI’s strong Manufacturing Association partnerships
FCCI proudly partners with four incredible associations who serve as advocates for the manufacturing industry: Indiana Manufacturers Association, representing more than 1,100 companies; the Kentucky Association of Manufacturers, with more than 400 member companies; and the Virginia Craft Brewers Guild and Virginia Manufacturers Association, with hundreds of member companies throughout Virginia.
Our programs offer association members enhanced coverages, risk control services, consultations with dedicated claim professionals, and a dividend program rewarding safe businesses.
The evolving economy is interconnected with businesses relying on each other for products, goods and services. Technology advances, specialized machinery, supply chain and labor safety can provide unique challenges to manufacturers. With coverages tailored for manufacturers of plastics, metal goods, cabinets or non-critical auto parts, providing customized coverage has never been easier. And as businesses grow and coverage demands increase, FCCI will be there with solutions and a promise.
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