A new marine insurance offering is about to make a splash in the UK market.
Arch Insurance has introduced a UK regional marine hull and machinery product for both operators and owners of medium-sized and small commercial vessels. It is hoped that it can provide coverage for those on coastal and inland waters in the UK and Western Europe, with the cover available for everything from pilot boats and harbour craft, to water taxis, small cargo vessels, workboats and supply vessels.
Among the aspects of the cover are: sue and labour costs, general average, physical damage and the possibility to extend to include protection and indemnity and loss of hire in specific circumstances. Meanwhile, vessel construction coverage is also available, including both launch costs and sea trials.
The product is led by marine underwriters Stephen Loader and Paul Hanson, who, according to Arch UK regional division CEO Steve Bashford are both highly experienced having worked in the area for more than 30 years.
“Our new marine hull & machinery product is designed to offer owners and operators of commercial vessels not only expansive coverage, but also the ability to create policies built to their specific exposure requirements,” said Bashford. “Our specialist underwriting teams, led by Paul and Stephen, will work closely with customers to ensure first rate coverage as well as the benefits of an in-house claims team to ensure the swift and professional resolution of any claims.”