In late April, ISO released a new Supply Chain coverage endorsement that includes second-tier suppliers.
The Dependent Property Coverage (DPC) endorsement is part of the regular Business Income program but targets situations when a supplier is unable to deliver products or services because of an interruption in the business of an entity upon which the supplier relies for materials or components, says Stephen C. Clarke, assistant vice president, Commercial Multi-Line Division for ISO, the Jersey City, N.J.-based company that is a member of the Verisk Insurance Solutions group at Verisk Analytics.
This type of second-tier exposure was encountered last year by certain car manufacturers and computer-hardware manufacturers when silicon microchip production in Japan was interrupted following the earthquake and tsunami.
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