Brit has launched a marine consortium to make it easier and quicker for insurance buyers to cover marine war and breach call risks.
The Keel consortium offers up to $152.2m of capacity per risk. It provides instant quotes that are fully screened against sanction risk, which is an area of growing importance for insurance buyers, given the growing regulatory environment affecting marine war risks.
Breach calls are required to provide insurance cover for the hundreds of thousands of trips made by vessels each year into high-risk areas excluded from annual war cover.
Brit said this traditionally requires a time-consuming placement process for short-term and short-notice trips that are frequently completed before the insurance paperwork is concluded.
But utilising a new trading platform to place breach calls in seconds, the Keel consortium aims to allows brokers to obtain instant, fully supported quotes around the clock.
Gary Brice, head of marine and space at Brit, said: “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 its easy-to-use platform and the technology that sits behind this will help expedite and enhance the writing of marine war breach call risks.”