What are the specific requirements
relating to Liability Insurance?
Supplier Product Liability
Insurance requirements are as follows:
Supplier must maintain a Commercial General Liability
(CGL) insurance policy, or its equivalent, to insure against liability arising out of its
product(s) or its work.
- The current financial rating for the insurance company
providing the CGL policy must be either an AM Best or an S&P rating of "A"
or better.
- Supplier's CGL policy must include coverage for Product
Liability losses/claims.
- Supplier must carry a policy with a per occurrence limit of
USD $5 Million or more. Also, the coverage of a Non-US Supplier must extend to
cover claims occurring in the territory of the United States of America (USA).
- Commercial General Liability/Product Liability policy must
be written on an 'occurrence' based form.
- Supplier’s CGL insurance carrier must name Whirlpool at
all subsidiaries et all 'Additional Insured' on the policy.
The Liability Insurance Language contained in
Whirlpool’s "Strategic Agreement" template is as follows:
Please contact your Company’s Risk Management
Department or Insurance Broker if you need more information concerning your Company’s
Liability Insurance coverage.
Rating References:
As stated above, the current financial rating for the insurance company providing the
CGL policy must be either an AM Best or an S&P rating of, at a minimum, A or better.
Click on the links below for further information on S&P and AM Best ratings.
- S&P
- AM Best