A new consortium will allow seven marine insurers to more efficiently share coverage on small and midsize projects.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has a new Lloyd’s facility, the Liberty Project Cargo Consortium, to underwrite small and midsize global project-related cargo risks. The facility, Consortium 7763, offers capacity to underwrite risks of up to $205 million.
Its coverage includes comprehensive project cargo, heavy lift, cargo delay in start-up (DSU), and comprehensive risk engineering services. Consortium 7763 will underwrite and bind risks under a single stamp on behalf of seven supporting syndicates, which include the likes of Aegis and Munich Re, to name a few.
Notably, the DSU component of the project sector has become increasingly challenging for underwriters because global supply chain disruptions have created compounding delays in replacement times as far back as the procurement of raw materials.
Nevertheless, underwriters in cargo and some other marine lines are able to make use of firming markets and rising premiums….
