The British Insurance Brokers’ Association (BIBA) has appointed Northern Marine Underwriters Limited (NMU) as the carrier for its exclusive members’ scheme for marine cargo insurance.
The scheme replaces two separate marine cargo options which were based upon a traditional route and an alternative wording not linked to institute cargo clauses.
BIBA members will now benefit from a no-nonsense cargo wording underwritten using an internet trading platform, combining ease of administration with fast and efficient delivery of policy documentation and certificates, whilst retaining the flexibility to be tailored to individual customer needs.
In addition, members will benefit from:
- Enhanced commission
- Access to specialist underwriters within NMU regional branch
- Portfolio management system online
- Claims notification online and administration of claims all in one location
- Online production of insurance certificates
The product offering, CargoSprint, is underpinned by the 2009 versions of the Institute Cargo Clauses, which were updated earlier this year to clarify coverage relating to loading and unloading risks and to soften provisions relating to insufficient packing, insolvency of shipowners and unseaworthiness.
Commenting on the choice of NMU, Steve Foulsham, technical services manager at BIBA, said: “Although CargoSprint will be delivered electronically, our members still value the face-to-face advice and support that local underwriters can offer. NMU’s extensive branch network puts decision makers on our members’ doorsteps, and fits neatly with BIBA’s own regional structure.”
Welcoming the partnership, Gerry Sheehy, underwriting director at NMU, said: “BIBA members have supported NMU for more than 25 years. Although technology has improved over that time, we have always taken the view that it should support rather than replace traditional underwriting methods and values.”
BIBA relationship manager at NMU, John Watson, added: “In developing the product offering with BIBA, we have focused on simplicity– stripping away the ‘window dressing’ that adds unnecessary complexity to many cargo wordings – and contract certainty – delivering documentation as soon as the risk is bound.”
BIBA Marine Cargo scheme launched with Northern Marine Underwriters
