Ironshore: Joint Firearms Programme
Bermuda-based reinsurer Ironshore Inc. and Washington State’s Cochrane & Co. yesterday [Feb.13] announced they have launched a coverage programme for the US firearms industry.
Called the Cochrane Ammunition and Rifle Manufacturing Specialist programme, or ARMS, the service covers 12 classes of clients, including firearms retailers; wholesalers and distributors; ammunitions, bullet and cartridge manufacturers; indoor and outdoor ranges; clay pigeon manufacturers; and hunting and shooting clubs and associations.
Many of these companies are smaller, independent groups, who may be financially unable to handle unexpected losses.
The ARMS programme covers costs associated with the limited recall of products, a federal investigation by the US Bureau of Alcohol, Tobacco, Firearms and Explosives, medical expenses and damage to premises, among others.
The limits of the programme are $1 million per occurrence, $1 million for personal and advertising injury, and $2 million aggregate.
Ironshore was established in Bermuda in 2006.
