NMU has officially launched a marine trade insurance product – following up on its announcement at the BIBA Conference.

The product came after a strategic review by parent company Munich Re, according to an NMU news release. As part of that review, a broker-sourced book of marine trade business was transferred to NU from its sister company, Groves, John & Westrup (GJW). GJW, meanwhile, will focus on its core business of yacht and pleasure craft insurance.

“Marine trade adds to our ever-expanding product portfolio,” said David Perfect, CEO of NMU. “It will be business as usual for clients of the existing book of business, with NMU providing the usual high levels of service expected by our customers. New brokers to NMU will of course benefit from the ability to access our full range of products, while our existing distribution network can add marine trade to their list of NMU offerings.”

According to NMU, its marine trade product is one of the most comprehensive on the market. The product provides protection for:

• Public liability
• Employers’ liability
• Buildings and contents
• Goods in transit
• Exhibitions
• Tools
• Money
• Business property (at and away from business premises)
• Stock boats

Related stories:
UK P&I group sees premium volume soar
Global marine provider Skuld reveals “strong” financial results