Insurer and reinsurer Brit Ltd has created a new marine consortium named Keel, which has been launched to revolutionise the writing of Marine War and breach call risks.
Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened, which is an area of increasing importance in the growing regulatory environment affecting marine war risks.
With hundreds of thousands of trips made by vessels each year into high risk areas excluded from annual war risks protection, ‘breach calls’ are required to provide insurance cover for these events.
This has traditionally required a time-consuming placement process for short-term and short-notice trips that are often completed before the insurance paperwork is concluded.
Gary Brice, Head of Marine and Space at Brit, commented: “The insurance industry’s placement of breach call risks has historically been an onerous and time consuming process. Through our Keel consortium, Brit is aiming to directly address this, delivering a solution that enables the placement of risks in seconds, not minutes, or days, as is currently the norm.
“We are delighted to have created Keel, and believe it’s easy to use platform and the technology that sits behind this will help expedite and enhance the writing of marine war breach call risks.”
