In 2007 Summit officially agreed to join the F. M. Global Partner Network as that insurers partner for it’s business in The Bahamas. This involves being the insurer of record for F M Global clients in The Bahamas and providing them with underwriting and claims service. Over the years the partnership has worked very well for both sides, with each agreeing that the other is a very easy partner to work with. In December Randy Marquez, Global Services Executive and Dorothy Chiaramonte, Senior Global Services Representative visited Summit to present a plaque in recognition of the 10th year anniversary.
FM Global is a mutual insurance company based in Johnston, Rhode Island, United States, with offices worldwide, that specializes in loss prevention services primarily to large corporations throughout the world in the Highly Protected Risk (HPR) property insurance market sector. “FM Global” is the communicative name of the company, whereas the legal name is “Factory Mutual Insurance Company”. FM Global has been named the “Best Property Insurer in the World” by Euromoney Magazine. The company employs a non-traditional business model whereby risk and premiums are determined by engineering analysis as opposed to historically based actuarial calculations. This business approach is centered on the belief that property losses can be prevented or mitigated. FM Global engineering personnel regularly visit insured locations to evaluate hazards and recommend improvements to their property or work practices to reduce physical and financial risks if a loss occurs.