Southern Marine increases binding authority for bulk liquids | Insurance Business America
Southern Marine – a managing general agent under the CRC Group – has increased cargo and stock throughput binding authority for bulk liquids to $200 million.
A release explained that Southern Marine was able to increase its binding authority through “extended partnerships with several Lloyd’s of London syndicates.” Bulk liquids include oil, gas, petrochemicals, and renewables.
Previously, Southern Marine’s binding authority limit was at $100 million, in respect of any one conveyance or storage location, including catastrophe perils.
“We are very excited to be able to offer our clients and brokers this level of capacity under one policy, especially given recent fluctuations in commodity prices and current levels of inflation,” said Southern Marine SVP and underwriter Graham Jenks. “We have always understood the importance of long-term relationships and continuously collaborate with our partners in the marketplace to solve problems for our clients.
“This increased capacity means that we are better placed than ever to meet the needs and challenges of the ever-evolving oil, petrochemical, and renewable energy sector."
Southern Marine explained that its bulk liquid cargo insurance policies can extend coverage to unexplained contamination and shortage losses for waterborne conveyances, and also cover unknown expenses related to weight discrepancies between loading and discharge. The coverage is subject to a “trade allowance” deductible and must comply with specific coverage warranties and conditions.
In other CRC Group-related news, the company named Kristyn Smallcombe as casualty practice group director two weeks ago. Smallcombe has more than 20 years of industry experience. She joins the company from Argo Group US. She has also held senior casualty positions at Swiss Re and AIG/Lexington.
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