Hub International has introduced Hub Forestry Select Insurance, a new product designed to mitigate liability risks for the Canadian forestry industry.
The insurance targets forestry contractors, sawmills, manufacturers, and businesses managing access roads or powerline clearing.
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It offers streamlined underwriting, competitive pricing, and reliable claims support to meet the industry’s unique needs, the company said in a statement.
Forestry businesses face daily risks including fire, equipment breakdown, liability and cargo loss. Hub Forestry Select provides tailored protection for these challenges, covering hazards like ice and muskeg, the company added.
Developed with Specialty Program Group Canada (SPGC), the initiative draws on SPGC’s expertise in specialty insurance and underwriting.
Hub Canada agribusiness national practice lead Marc Chouinard said: “Our goal is to support the forestry industry with an insurance solution that not only delivers meaningful value but also fosters long-term business resilience.
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By GlobalData“Hub Forestry Select Insurance reflects our deep commitment to understanding the unique challenges our clients face and addressing them through innovative, forward-thinking solutions.”
Last month, the company received a $1.6bn minority common equity investment, valuing it at $29bn.
The investment was led by T. Rowe Price Investment Management, Alpha Wave Global and Temasek, with additional participation from other investors.
