Southern Marine, a managing general agent (MGA) has increased Cargo and Stock Throughput binding authority for Bulk Liquids – Oil, Gas, Petrochemicals, and Renewables – to $200 million through extended relationships with several Lloyd’s of London syndicates.
This is a significant increase from the MGA’s previous binding authority limit of $100 million in respect of any one conveyance or storage location, including catastrophe perils.
“We are very excited to be able to offer our clients and brokers this level of capacity under one policy, especially given recent fluctuations in commodity prices and current levels of inflation. We have always understood the importance of long-term relationships and continuously collaborate with our partners in the marketplace to solve problems for our clients,” said Graham Jenks, Senior Vice President & Underwriter with Southern Marine.
“This increased capacity means that we are better placed than ever to meet the needs and challenges of the ever-evolving oil, petrochemical, and renewable energy sector.”
In a press release, it notes that the firms insurance policies have the ability to extend coverage to unexplained contamination and shortage losses for waterborne conveyances.
The policies are designed to protect against incurring unknown expenses that are related to weight discrepancies between loading and discharge by reimbursing the cost of any shortfall.
The coverage is subject to a trade allowance deductible and compliance with specific coverage warranties and conditions.
