Fence Manufacturers Insurance Policy Information
Fence Manufacturers Insurance. Good fences are said to make good neighbors - and today's fences are manufactured using a wide variety of materials. Not only different kinds of wood, but also wrought iron, aluminum, and other metals can result in fine fences of different types, chain link and wire fencing among them.
Metal fence manufacturers produce a variety of fences ranging from ornamental railings to chain link to wire rope. Raw materials include sheet metal, ductile iron, piping, and wire or cable. Processes used vary by type of fence and include cutting, punching, and bending.
Metalworking operations such as heat treating, electroplating, painting or coating, and welding are all potential exposures. The finished product may be partly pre-assembled in sections or assembled during installation by the customer or contractor.
Wood fence manufacturers produce a variety of types of fences, from log, slat, and picket to tall privacy fences. The finished product may be partly pre-assembled in sections or assembled during installation by the customer or contractor.
The manufacturer receives wood products in specific lengths and widths. They are first seasoned (dried either in kilns or in the yard), then cut, planed, sanded, assembled with glue, nails, or hardware, stained, varnished, painted or otherwise finished.
Some fence manufacturers own a retail outlet. Component parts may be manufactured in different locations or different countries.
Because fences are employed in a broad range of settings, from residential homes to farms, prisons, sports stadiums, zoos, and of course businesses of all kinds, a manufacturer of wood and metal fences with a good commercial and marketing strategy will never run out of work.
A company that makes fences will, however, have to confront the reality that it is vulnerable to whole host of risks that could all result in economic ruin.
Whether you are someone who is exploring what it would take to own and run a fence manufacturing facility, or you are already a business owner and simply want a refresher course, let's take a look at the kinds of insurance that are vital in protecting such a company's financial health.
What type of fence manufacturers insurance is needed, and why? For more information, read on.
Fence manufacturers insurance protects your manufacturing business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked fence manufacturing insurance questions:
- What Is Fence Manufacturers Insurance?
- How Much Does Fence Manufacturers Insurance Cost?
- Why Do Fence Manufacturers Need Insurance?
- What Type Of Insurance Do Fence Manufacturers Need?
- What Does Fence Manufacturers Insurance Cover & Pay For?
What Is Fence Manufacturers Insurance?
Fence Manufacturers insurance is a type of insurance coverage specifically designed for companies that manufacture and install fencing products. It protects the manufacturer from various risks associated with the production, storage, and distribution of fence products.
This insurance coverage typically includes liability protection for claims of injury or property damage caused by the manufacturer's products, protection against theft or damage to inventory, and coverage for equipment breakdowns or losses due to fire or other natural disasters.
How Much Does Fence Manufacturers Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small fence manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.
Why Do Fence Manufacturers Need Insurance?
No matter how competent a company's management team is, a variety of threats are always on the horizon - and you never know when they will strike. The hazards a manufacturer of wood or metal fences faces include those common to all kinds of companies, as well as risks more specific to their own field of industry.
Acts of nature, which are as varied as earthquakes, tornadoes, massive floods, and wildfires, can threaten any company, regardless of their field of industry or their location, inflicting tremendous amounts of costly damage as well as interrupting production.
Vandalism and theft, too, are risks no commercial field can be completely free from, even with state-of-the-art security systems.
Fence manufacturers further have to consider the possibility that the equipment they use to make their fences could break down, and suddenly require repair or replacement. Workers can become injured on the job, and unless a company can prove that this was not related to their negligence in any way, the business can be held responsible.
The same is true for third parties who might get into an accident on your premises. The final risk we will mention here is the possibility that your fences do not live up to marketing claims you have made, and that the company is held liable when a criminal breaches a fence the end user, having installed the fence, believed to be impenetrable.
These examples of catastrophes that lead to hefty financial losses might not be the only hazards a fence manufacturer faces, but they show why it is crucial to carry the right fence manufacturers insurance. When you are properly insured, you do not have to face the pitfalls alone.
What Type Of Insurance Do Fence Manufacturers Need?
The types of fence manufacturers insurance needed will vary depending on factors that include the materials used in manufacture, the kind of manufacturing equipment, the number of workers you employ, and the jurisdiction within which your facility is based.
The extent of the coverage you need, and the costs associated with your insurance, will vary as well. A competent commercial insurance agent is best suited to help you discover your exact needs.
However, some of the forms of insurance wood and metal fence manufactures need to carry are:
- Commercial Property: Each type of insurance protects your company from a different threat, and commercial property insurance is there to shield you from financial losses resulting from circumstances beyond your control that damage your physical assets. Should your company be hit by a fire or theft, for example, the damage your physical building and its contents suffer will be covered.
- General Liability: This type of insurance is designed to help you recover if third parties file lawsuits alleging that they suffered bodily injury on your premises, or that your company's activities damaged their property. Attorney fees and settlement costs alike are covered with commercial general liability insurance.
- Product Liability: This form of fence manufacturers insurance protects you in case of claims of third party property damage or bodily injury relating to your products. If a manufacturing error leads one of your products to be substandard, for instance, you may be sued, and this type of insurance helps you deal with the financial fallout.
- Workers' Compensation: Workers comp covers your employees' medical bills and lost wages if they are not able to return to work, in the event that they suffer a workplace injury. Occupational illness, resulting, for instance, from sawdust exposure if you make wood fences, or chemical exposure if you process certain kinds of metals, are also covered.
These common kinds of fence manufacturers insurance may not meet all your needs, so it is imperative to consult a commercial insurance agent who understands your company well.
Fence Manufacturing's Risks & Exposures
Premises liability exposure at the plant is normally low as access by visitors is limited. If tours are given or if there is a retail outlet on the premises, visitors may be injured by slips, trips, falls, or flying debris.
The storage of wood in the open could pose an attractive nuisance hazard. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings. Dust, fire or explosion, fumes, and noise may affect adjacent properties.
If the manufacturer does installations, there may be frequent small property damage claims.
Products liability exposure is minimal unless the fences are designed to support weight or are warranted for security or protection, such as balcony railings or highway guardrails. There may be small claims for workmanship or nuisance hazards, such as wood splinters, protruding nails, or poorly cut posts.
Environmental impairment exposure may be significant due to possible contamination of ground, air, and water from the sawdust, chemicals, paints, and varnishes used in processing and the lubricants and solvents used to service machinery.
The raw chemicals may be toxic and are flammable. Storage and disposal procedures must adhere to all EPA and other regulatory standards.
Workers compensation exposures are extensive. Injuries from production machinery are common, as are burns, cuts, puncture wounds, slips, trips, falls, back injuries from lifting during production, delivery, or installation, eye injuries from flying debris and dust, hearing loss from noise, and repetitive motion losses.
Amputations can occur from working with machinery. Workstations should be ergonomically designed. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair to increase production.
Exposure to chemicals, dust, binding agents, paints, and varnishes can result in burns and eye, skin, and lung irritation. Workers should be aware of the toxic nature of any chemical and should be made fully aware of the need to watch for early signs and symptoms of problems. Drivers of forklifts and vehicles may be injured in accidents.
Property exposures consist of an office, shop, warehouse for finished goods, and often a yard for storage of raw materials. Ignition sources include electrical wiring, heating and cooling equipment, overheating of production machinery, and explosions from the build-up of dust from the cutting and sanding operations. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures.
Wood is highly susceptible to damage by fire, smoke, and water. Glues, paints, varnishes, and stains may be flammable and must be adequately separated and stored away from other operations. Spray-painting operations should be conducted in spray booths with explosion-proof electrical components. The use of dip tanks instead of spray booths may require special attention.
Exotic woods or expensive hardwood products may be attractive to thieves. Appropriate security controls should be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. Business income and extra expense exposures can be high if a lengthy amount of time is required to restore operations.
Equipment breakdown exposures include malfunctioning production equipment, ventilation and dust collection systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in severe loss, both direct and under time element.
Crime exposure comes from employee dishonesty and theft if raw wood is expensive or finished items are high in demand. Employees may act alone or in collusion with outsiders in stealing money, raw materials, or finished stock.
Background checks should be conducted on all employees. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements. The manufacturer should have security methods in place to prevent theft.
Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment for forklifts and other heavy machinery, exhibitions, goods in transit, and valuable papers and records for customers' and suppliers' information.
The major causes of loss are fire, theft, water, collision, and upset. If the manufacturer installs fences, an installation floater should be considered.
Business auto exposure is high if the manufacturer transports raw lumber or delivers finished goods. Proper loading and tie-down procedures are essential to prevent overturn and/or release of lumber. Retail delivery to homes represents a serious exposure due to the street presence of children and possible time pressures on the drivers.
Manufacturers generally also have private passenger fleets used by sales representatives. There should be written procedures regarding the private use of these vehicles by others. Drivers should have an appropriate license and an acceptable MVR. All vehicles must be well maintained with documentation kept in a central location.
What Does Fence Manufacturers Insurance Cover & Pay For?
Fence manufacturers, like any other businesses, can be subject to various types of lawsuits. Here are a few examples:
1. Product Liability: This is a common reason for lawsuits in manufacturing industries. If a fence manufactured by a company fails and causes damage or injury, the company can be held responsible. This could be due to design defects, manufacturing defects, or failure to warn about potential risks. A Product Liability Insurance policy can help in such cases. This insurance covers the costs associated with product-related damages, including legal fees, settlements, and any awarded damages. It can protect a fence manufacturer from substantial financial losses resulting from such lawsuits.
2. Contract Disputes: Fence manufacturers can also be sued over contract disputes, such as late delivery, non-compliance with contract specifications, or failure to fulfill warranty obligations. In such cases, Commercial General Liability (CGL) insurance often provides coverage for damages and legal expenses. Additionally, a professional liability insurance, sometimes known as Errors and Omissions insurance, can also cover legal costs associated with failure to fulfill professional duties or mistakes in provided services.
3. Workplace Accidents: If an employee gets injured while manufacturing a fence, they might sue the company for inadequate safety measures. Workers' Compensation Insurance is designed to cover such situations. It not only provides medical care and compensation for lost wages to injured employees but also includes Employer's Liability Insurance, which can cover the legal fees and damages if the company is sued over the accident.
4. Property Damage: A fence manufacturer might also face a lawsuit if their operations cause damage to someone else's property. For instance, if a fire in the manufacturing facility spreads to neighboring properties, the owners of these properties might sue the manufacturer. A Commercial Property Insurance policy can help in such cases, covering the costs to repair or replace damaged properties. Similarly, a part of CGL insurance, called third-party property damage coverage, can cover legal costs associated with such damages.
By securing a suitable mix of insurance policies, fence manufacturers can safeguard their finances against various potential lawsuits. However, it's crucial for manufacturers to work with knowledgeable insurance brokers to ensure they have appropriate coverage for their specific risks and needs.
Commercial Insurance And Business Industry Classification
- SIC CODE: 2499 Wood Products, Not Elsewhere Classified, 2421 Sawmills And Planing Mills, General, 3315 Steel Wiredrawing And Steel Nails And Spikes, 3446 Architectural And Ornamental Metal Work
- NAICS CODE: 321999 All Other Miscellaneous Wood Products Manufacturing, 331222 Steel Wire Drawing, 331110 Iron and Steel Mills and Ferroalloy Materials, 332323 Ornamental and Architectural Metal Work Manufacturing
- Suggested Workers Compensation Code(s): 2802 Carpentry - Shop Only & Drivers, 3257 Wire Goods Manufacturing NOC
Description for 2499: Wood Products, Not Elsewhere Classified
Division D: Manufacturing | Major Group 24: Lumber And Wood Products, Except Furniture | Industry Group 249: Miscellaneous Wood Products
2499 Wood Products, Not Elsewhere Classified: Establishments primarily engaged in manufacturing miscellaneous wood products, not elsewhere classified, and products from rattan, reed, splint, straw, veneer, veneer strips, wicker, and willow.
- Applicators, wood
- Bakers' equipment, wood
- Baskets, except fruit, vegetable, fish, and bait: (e.g., rattan, reed,
- Battery separators, wood
- Bearings, wood
- Beekeeping supplies, wood
- Bentwood (steam bent) products, except furniture
- Blocks, tackle: wood
- Blocks, tailors' pressing: wood
- Boards, bulletin: wood and cork
- Boards- clip, ironing, meat, and pastry-wood
- Boot and shoe lasts, regardless of material
- Bowls, wood: turned and shaped
- Briquettes, sawdust or bagasse: non-petroleum binder
- Bungs, wood
- Buoys, cork
- Bushings, wood
- Cane, chair: woven of reed or rattan
- Carpets, cork
- Cloth winding reels, wood
- Clothes dryers (clothes horses), wood
- Clothes drying frames, wood
- Clothes pins, wood
- Clubs, police: wood
- Cooling towers, wood or wood and sheet metal combination
- Cork products
- Corks, bottle
- Covers, bottle and demijohn: willow, rattan, and reed
- Curtain stretchers, wood
- Dishes, wood
- Display forms for boots and shoes, regardless of material
- Dowels, wood
- Extension planks, wood
- Faucets, wood
- Fellies, wood
- Fencing, wood: except rough pickets, poles, and rails
- Firewood and fuel wood containing fuel binder
- Flour, wood
- Frames: medallion, mirror, photograph, and picture-wood or metal
- Furniture inlays (veneers)
- Garment hangers, wood
- Gavels, wood
- Grain measures, wood: turned and shaped
- Hammers, meat: wood
- Hampers, laundry: rattan, reed, splint, veneer, and willow
- Handles, wood: turned and shaped
- Hubs, wood
- Insulating materials, cork
- Jacks, ladder: wood
- Knobs, wood
- Ladders, wood
- Last sole patterns, regardless of material
- Letters, wood
- Life preservers, cork
- Mallets, wood
- Market baskets, except fruit and vegetable: veneer and splint
- Marquetry, wood
- Mashers, potato: wood
- Masts, wood
- Mauls, wood
- Moldings, picture frame: finished
- Novelties, wood fiber
- Oars, wood
- Pads, table: rattan, reed, and willow
- Paint sticks, wood
- Pencil slats
- Plugs wood
- Poles wood: e.g., clothesline, tent, flag
- Pressed logs of sawdust and other wood particles, non-petroleum
- Pulleys, wood
- Racks, for drying clothes: wood
- Rattan ware, except furniture
- Reed ware, except furniture
- Reels cloth winding wood
- Reels for drying clothes: wood
- Reels, plywood
- Rollers, wood
- Rolling pins, wood
- Rules and rulers: wood, except slide
- Saddle trees, wood
- Sawdust, reground
- Scaffolds, wood
- Scoops, wood
- Seat covers, rattan
- Seats, toilet: wood
- Shoe stretchers, regardless of material
- Shoe trees, regardless of material
- Signboards, wood
- Skewers, wood
- Snow fence
- Spars, wood
- Spigots, wood
- Spokes, wood
- Spools, except for textile machinery: wood
- Stakes, surveyors': wood
- Step-ladders, wood
- Stoppers, cork
- Tile, cork
- Tool handles, wood: turned and shaped
- Toothpicks, wood
- Trays: wood, wicker, and bagasse
- Trophy bases, wood
- Vats, wood: except coopered
- Washboards, wood and part wood
- Webbing: cane, reed, and rattan
- Willow ware, except furniture
- Wood, except furniture: turned and carved
- Woodenware, kitchen and household
- Yardsticks, wood
Description for 2421: Sawmills And Planing Mills, General
Division D: Manufacturing | Major Group 24: Lumber And Wood Products, Except Furniture | Industry Group 242: Sawmills And Planing Mills
2421 Sawmills And Planing Mills, General: Establishments primarily engaged in sawing rough lumber and timber from logs and bolts, or resawing cants and flitches into lumber, including box lumber and softwood cut stock; planing mills combined with sawmills; and separately operated planing mills which are engaged primarily in producing surfaced lumber and standard workings or patterns of lumber. This industry includes establishments primarily engaged in sawing lath and railroad ties and in producing tobacco hogshead stock, wood chips, and snow fence lath. Establishments primarily engaged in manufacturing box shook or boxes are classified in Industry Group 244; those manufacturing Bash, doors, wood molding, window and door frames, and other fabricated millwork are classified in Industry Group 243; and those manufacturing hardwood dimension and flooring are classified in Industry 2426.
- Cants, resawed (lumber)
- Ceiling lumber, dressed
- Chipper mills
- Custom sawmills
- Cut stock, softwood
- Flitches (veneer stock), made in sawmills
- Flooring (dressed lumber), softwood
- Fuelwood, from mill waste
- Furniture dimension stock, softwood
- Kiln drying of lumber
- Lath, made in sawmills and lathmills
- Lumber stacking or sticking
- Lumber: rough, sawed, or planed
- Planing mills, independent: except millwork
- Resawing lumber into smaller dimensions
- Sawdust and shavings
- Sawmills, except special product mills
- Siding, dressed lumber
- Silo stock, wood: sawed
- Snow fence lath
- Stud mills
- Ties, railroad: sawed
- Tobacco hogshead stock
- Wood chips produced at mill
Description for 3315: Steel Wiredrawing And Steel Nails And Spikes
Division D: Manufacturing | Major Group 33: Primary Metal Industries | Industry Group 331: Steel Works, Blast Furnaces, And Rolling And Finishing Mills
3315 Steel Wiredrawing And Steel Nails And Spikes: Establishments primarily engaged in drawing wire from purchased iron or steel rods, bars, or wire and which may be engaged in the further manufacture of products made from wire; establishments primarily engaged in manufacturing steel nails and spikes from purchased materials are also included in this industry. Rolling mills engaged in the production of ferrous wire from wire rods or hot-rolled bars produced in the same establishment are classified in Industry 3312. Establishments primarily engaged in drawing nonferrous wire are classified in Industry Group 335.
- Barbed and twisted wire: made in wiredrawing plants
- Baskets, steel: made in wiredrawing plants
- Brads, steel: wire or cut
- Cable, steel: insulated or armored
- Chain link fencing, steel: made in wiredrawing plants
- Fence gates, posts, and fittings: steel-made in wiredrawing plants
- Form ties, made in wiredrawing plants
- Horseshoe nails
- Nails, steel: wire or cut
- Paper clips, steel: made in wiredrawing plants
- Spikes, steel: wire or cut
- Staples, steel: wire or cut
- Steel wire cages, made in wiredrawing plants
- Tacks, steel: wire or cut
- Tie wires, made in wiredrawing plants
- Welded steel wire fabric, made in wiredrawing plants
- Wire carts: household, grocery, and industrial-made in wire-drawing
- Wire cloth, steel: made in wiredrawing plants
- Wire garment hangers, steel: made in wiredrawing plants
- Wire products, ferrous: made in wiredrawing plants
- Wire, ferrous: made in wiredrawing plants
- Wire, steel: insulated or armored
Description for 3446: Architectural And Ornamental Metal Work
Division D: Manufacturing | Major Group 34: Fabricated Metal Products, Except Machinery And Transportation Equipment | Industry Group 344: Fabricated Structural Metal Products
3446 Architectural And Ornamental Metal Work: Establishments primarily engaged in manufacturing architectural and ornamental metal work, such as stairs and staircases, open steel flooring (grating), fire escapes, grilles, railings, and fences and gates, except those made from wire. Establishments primarily engaged in manufacturing fences and gates from purchased wire are classified in Industry 3496; those manufacturing prefabricated metal buildings and parts are classified in Industry 3448; and those manufacturing miscellaneous metal work are classified in Industry 3449..
- Acoustical suspension systems, metal
- Balconies, metal
- Bank fixtures, ornamental metal
- Bannisters, railings, guards, etc: made from metal pipe
- Brasswork, ornamental structural
- Channels, furring
- Elevator guide rails, metal
- Fences and posts, ornamental iron and steel
- Fire escapes, metal
- Flagpoles, metal
- Flooring, open steel (grating)
- Gates, ornamental metal
- Gratings (open steel flooring)
- Gratings, tread fabricated metal
- Ladders, chain: metal
- Ladders, for permanent installation metal
- Lamp posts, metal
- Lintels, light gauge steel
- Ornamental and architectural metal work
- Partitions and grillework, ornamental metal
- Pipe bannisters, railings, and guards
- Purlins, light gauge steel
- Railings, prefabricated metal
- Registers, air: metal
- Scaffolds metal (mobile or stationary)
- Stair railings, metal
- Staircases, prefabricated metal
- Stairs, prefabricated metal
- Treads, stair: fabricated metal
Fence Manufacturers Insurance - The Bottom Line
Fence manufacturers insurance policies can vary widely in premium and exclusions. To learn if your fence manufacturing operation has the best fit insurance policies - talk to an experienced commercial insurance broker.
Often they are able to save you on premiums and offer you better policy options than you currently have.
Additional Resources For Manufacturing Insurance
Learn all about manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.
- 3D Printing
- Audio & Video Equipment
- Auto Parts
- Bottling Plants
- Brooms & Brushes
- Camping Equipment
- Canned Fruit & Vegetables
- Canvas Products
- CBD Oil And Hemp
- Clock & Watch
- Commercial Air Conditioning
- Commercial Electronics
- Communications Equipment
- Construction Equipment
- Cork Products
- Dairies & Creameries
- Down And Feather Products
- Dry Ice
- Dyes & Pigments
- Electronic Toys & Games
- Exercise Equipment
- Farm Equipment
- Feed & Grain
- Flavoring Extracts
- Frozen Foods
- Fruit Juice
- Fur Garment
- Garage Door
- Gypsum Products
- Ice Cream
- Industrial Equipment
- Iron & Steel Foundries
- Lawn Mowers
- Leather Apparel
- Leather Goods
- Lighting & Wiring
- Lumber & Wood Products
- Machine Shop
- Major Electrical Appliances
- Marijuana Products
- Mattresses & Box Springs
- Metal & Plastic Furniture
- Metal Heat Treating
- Metal Toys
- Musical Instruments
- Nonferrous Foundries
- Ornamental Metalwork
- Paper & Allied Products
- Pet Food
- Plastic & Rubber Toys
- Plastic Goods
- Plastics Molding, Forming & Extruding
- Product Liability
- Psychedelic Drugs
- Pulp & Paper Mills
- Residential Air Conditioning & Heating
- Rubber Goods
- Sawmills & Planing Mills
- Screw Machine Products
- Sheet Metal
- Soap & Detergent
- Small Electrical Appliances
- Sporting Goods
- Stone Products
- Textiles Finishing & Coating
- Tool & Die Shops
- Vegetable Juice
- Vending Machines
- Wire Rope
- Wood Furniture
- Writing Instruments
- Specialty Manufacturing
- Specialty Product Liability
The manufacturing industry is a vital part of the economy and plays a significant role in the production of goods and services. However, it is also an industry that is prone to risks and accidents, which can result in costly damages and lawsuits. Therefore, it is essential for businesses in the manufacturing industry to have insurance to protect them against potential losses.
Business insurance can cover a wide range of risks, including property damage, liability, and worker injuries. For instance, if a fire were to break out in a manufacturing facility and destroy equipment or inventory, commercial insurance could cover the costs of replacing or repairing the damages. Similarly, if a worker were to be injured on the job, business insurance could cover medical expenses and lost wages.
In addition to protecting against physical damages, insurance can also provide financial protection against legal liabilities. If a customer were to sue a manufacturing business for a faulty product, the commercial insurance could cover the costs of legal fees and settlements.
Overall, insurance is essential for the manufacturing industry as it helps to mitigate risks and protect against unexpected costs. Without it, businesses in the industry could face financial ruin in the event of an accident or lawsuit.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.