Southern Marine, a managing general agent for CRC Group, has increased the cargo and stock yield binding authority for bulk liquids to $200 million.
A statement explained that Southern Marine was able to increase its binding authority through “extended partnerships with various Lloyd’s of London syndicates.” Bulk liquids include oil, gas, petrochemicals, and renewable energy.
Previously, Southern Marine’s binding authority limit was $100 million, with respect to any location of transportation or storage, including catastrophic risks.
“We are very excited to be able to offer our clients and brokers this level of capacity under one policy, especially given the recent fluctuations in commodity prices and current levels of inflation,” said Graham Jenks, senior vice president and underwriter at Southern Marine. “We have always understood the importance of long-term relationships and continually collaborate with our partners in the marketplace to solve our customers’ problems.
“This increased capacity means we are better positioned than ever to meet the needs and challenges of the ever-evolving oil, petrochemical and renewable energy sectors.”
Southern Marine explained that its bulk liquid cargo insurance policies can extend coverage to unexplained pollution and waterborne shortage losses, as well as cover unknown expenses related to weight discrepancies between loading and unloading. Coverage is subject to a “commercial allowance” deductible and must meet specific warranties and coverage conditions.
In other CRC Group news, the company appointed Kristyn Smallcombe as head of the accident practice group two weeks ago. Smallcombe has over 20 years experience in the industry. She joins the company from Argo Group US. She has also held senior liability positions at Swiss Re and AIG/Lexington.
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