West P&I has launched two new competitive marine insurance products to enhance its product range. Called West Hull and West War, the new offerings are designed to enhance the Club’s services to Members, broaden its appeal to other shipowners and grow its footprint in the global marine insurance markets.
West Hull and West War complement West’s core products – P&I, Defence, Charterers, Fixed Premium and Extended Covers – as well as the Club’s partner products for Delay (with Nordic Marine Insurance), Cyber Risks (with Astaara) and Legal and Claims consultancy (with Qwest).
West Hull covers loss of, or damage to a vessel’s hull and machinery, and can include Increased Value and Loss of Hire. All recognised hull conditions can be accepted, including the Nordic Marine Insurance Plan and Institute Time Clauses Hulls.
West Hull will utilise the resource and expertise of the Club’s partner Nordic Marine Insurance in Sweden. Jan Limnell, Nordic’s Deputy Managing Director & Underwriting Director, noted that: “Nordic is delighted to expand its partnership with West and we look forward to using our experience in this area to help the Club deliver this exciting new product.”
In addition to Hull, West is also today launching its complementary war product West War, covering damage, loss and liabilities resulting from war risks. All recognised war conditions can be accepted, including Institute War and Strikes Clauses. Fully operated by the Club’s underwriting team, West War will write leading or following lines with predetermined breach additional premiums for high-risk areas.
Mark Mathews, West’s Head of Product Development, said: “The new products will enable us to support both our current Members and other shipowners beyond our core P&I and Defence cover. We are confident the new products will enable us to further enhance the bespoke services we are able to deliver to the market and encourage shipowners to consider moving hull, LoH and war cover they already buy to West.”
Tom Bowsher, West’s Group CEO, added: “As a leading P&I Club, we believe careful diversification, focused on quality underwriting and backed by first-class service, will only help to strengthen our position in today’s increasingly challenging market.”
Both products are fully supported by a panel of renowned A-rated reinsurers.
Source: West of England P&I Club
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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