Our Marine Energy & Transportation Liability (METL) team has gained further traction on its US Marine Property book, with two additional policies bound recently.
A specialist US third party transportation team identified the two accounts as requiring higher policy limits but with limited options in the domestic market.
The high value and hazardous nature of the insureds, combined with domestic market rate increases meant the client asked Miller to provide a London Market solution. Both accounts had a strict budget, with little flexibility. One insured is a terminal operator with property values over USD300m, while the other account is a terminal facility that regularly handles dangerous liquids.
Timing was a crucial factor in these placements. The enquiry came late in the fourth quarter of 2019, when most underwriters had already used up the majority of their aggregates, therefore limiting the capacity they could provide.
To tackle this, the team conducted a wide canvassing of the market, approaching over 20 underwriters to get the placement over the line and achieve the required USD20m by USD10m limits.
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