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NMU announces revamped cargo product

NMU announces revamped cargo product | Insurance Business UK

NMU announces revamped cargo product

Specialty insurer NMU has today announced the launch of an updated cargo product which incorporates new extensions for financial loss, unauthorised occupants of vehicles and unexpected return of goods.

In conjunction with this, NMU is also delivering a ‘Fast Track Claims’ initiative. It will give cargo policyholders the ability to submit claims up to £2,500 via a simple web form with no supporting documentation required and submissions will be reviewed within 72 working hours by NMU and settled by BACS if criteria are met.

Read more: The silver lining to cargo's challenges

Claims manager for NMU, Marc Thomasson, noted the pressing need for more efficient claims handling which will allow policyholders to return to their day-to-day business as soon as possible. It is when a loss occurs, he said, that these policyholders need their insurer to act both quickly and unbureaucratically.

“Our innovative new Fast Track Claims portal delivers exactly that,” he said, “and enables NMU clients to receive the swiftest claims payment service in the market.”

NMU has also extended its ongoing partnership with specialist risk management consultancy BSI to complement this enhanced offering. It allows the insurer to develop a range of supply chain analysis services which, once delivered, will be directly accessible by NMU policyholders.

“Our collaboration with BSI will enable NMU brokers to further support their clients,” said risk control manager, Ian Allman, “and, through leveraging the consultative partnership in place, to better understand clients’ supply chain risk and exposure with a view to addressing potential areas of vulnerability. We strongly believe that prevention is better than cure.

“Combining BSI’s vast experience in supply-chain security and risk management together with our own expert understanding of the cargo insurance industry, this enhanced partnership will provide policyholders with the necessary knowledge and skills to take a proactive approach to becoming more resilient in their supply chain operations, as well as helping to reduce losses and claims.”

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Cargo and freight underwriting manager for NMU, Guy Smith, said that providing an enhanced level of cover in a comprehensive format and a simplified claims process for the lower value losses, will minimise how long policyholders have to spend on insurance matters.

“The enhanced risk management offering enables us to bring a wealth of expertise to them, ensuring they have the tools to protect their businesses,” Smith said. “We believe this new proposition, supported by our extensive team of experienced underwriters, claims handlers and risk management consultants, combined with our exceptional financial strength and stability, makes our cargo package second to none.”