CargoSprint product uses updated clauses and the internet
The British Insurance Brokers' Association (BIBA) has named Northern Marine Underwriters (NMU) as its marine cargo insurer for new product CargoSprint.
The scheme replaces two separate marine cargo options. It will be traded via the internet.
BIBA says 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
CargoSprint is uses the 2009 versions of the Institute Cargo Clauses. These clarify coverage relating to loading and unloading risks. They also softened provisions on insufficient packing, insolvency of shipowners and unseaworthiness.
Face to face
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."
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, said: "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."
