What Does Factory Mutual Mean?
Factory Mutual (FM) is an insurance company headquartered in Johnston, Rhode Island but with offices in other countries. It provides coverage to corporations and their facilities and is known for loss prevention.
Insuranceopedia Explains Factory Mutual
Zachary Allen, a Rhode Island textile mill owner, founded Factory Mutual in 1835. After an insurer turned down his request for a lower premium, he met with other textile owners and formed the insurance company that focused on ways in preventing losses due to perils like fire.
FM has acquired a reputation for providing coverage to properties that have high standards in loss prevention. It has also continued a research and engineering team to elevate the standards of loss prevention in corporate facilities such as factories.