Citynet shines spotlight on haulage coverage

Trade sees the biggest shift in rates within motor fleet

Citynet shines spotlight on haulage coverage

Motor & Fleet

By Terry Gangcuangco

Citynet Insurance Brokers, which asserts it can place haulage risks regardless of performance with an unrivalled number of potential carriers, is shining a spotlight on the trade as haulage sees a significant shift in rates within motor fleet. 

Citing last year’s Ogden rate change and its impact to claims reserving, the Lloyd’s broker said markets writing haulage have either pulled out or pushed their pricing models up to accommodate the additional costs – significantly reducing the appetite to write or renew haulage business especially within the composite market and leaving the London Market as the prominent platform for placing such risks.

“Our close proximity to Lloyd’s of London means that we are ideally positioned to offer extremely competitive terms with a superb response time,” noted Citynet managing director Andrew Walsh (pictured), who said they ensure that businesses take out cover at the right price and that they have the right product for their needs.

Concurring, motor fleet head Graeme Flynn stated: “Citynet is uniquely placed to be able to offer the most wide-ranging access to markets in London for haulage placements which includes ‘exclusive’ access to capacity providers that our day-to-day competitors cannot access.”

Meanwhile the wholesale insurance broker also pointed to long-term agreements with built-in reductions and capped increases.

“This is particularly attractive in a climate where haulage rates are going up on all risks, even those which are performing profitably for insurers,” it said. “Similarly, where a risk continues to perform badly there is the comfort of a price being offered, with many insurers now non-inviting haulage risks that are running poorly.”


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