Lloyd's insurer Chaucer is to underwrite a new charterer’s default insurance product offered by Marsh.
The insurer said the product includes new specialist wordings developed by both parties.
In the event of a financial default under the charter party, it will provide protection for the shipowner’s income, including provision for the impact of changes in spot charter rates.
The insurer claims it is the only product in the Lloyd’s market that provides this protection for ship owners.
Trade credit underwriters in its marine division, Nick Kilhams and Mark McLeod, will be responsible for the product.
Andrew Voke, head of production for Chaucer Syndicate 1084 said “We are extremely pleased that Marsh has selected Chaucer to develop and underwrite this new market leading product."
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