Arch Insurance launches Marine Hull & Machinery product
Cover available to owners and operators of small and medium-sized vessels; Hanson and Loader to lead launch
London, 12 November 2020 – Arch Insurance (UK) Limited has today announced the launch of a new UK regional marine hull & machinery product for owners and operators of small and medium-sized commercial vessels.
The insurance solution is designed exclusively for vessel fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe. The coverage is available for a wide range of vessels, including workboats and supply vessels, pilot boats and harbour craft, tug and barge operations, small cargo vessels and water taxis. Coverage is also available for vessel construction.
The product covers physical damage, general average, salvage, sue and labour costs, and may be extended to include protection & indemnity and loss of hire coverage in specific circumstances. The vessel construction coverage includes sea trials and launch costs. Risk management solutions are also available, and policies are supported by an in-house claims team.
The launch of the new product is being spearheaded by Arch Insurance marine underwriters Paul Hanson and Stephen Loader. Both Hanson and Loader are highly experienced marine underwriters who have worked in the London marine insurance market for over thirty years and have extensive knowledge of the hull and machinery arena.
Commenting on the launch, Steve Bashford, Chief Executive, Arch UK Regional Division, said: “Our new marine hull & machinery product is designed to offer owners and operators of commercial vessels not only expansive coverage, but also the ability to create policies built to their specific exposure requirements. Our specialist underwriting teams, led by Paul and Stephen, will work closely with customers to ensure first rate coverage as well as the benefits of an in-house claims team to ensure the swift and professional resolution of any claims.”
TAGS / KEYWORDS
Arch Insurance (UK) Limited, Arch Insurance International, Marine Hull & Machinery, insurance, Hanson, Loader, Bashford
About Arch Insurance (UK) Limited
Arch Insurance (UK) Limited is part of Arch Insurance International and provides specialised commercial property, casualty, motor, professional liability, personal accident and travel insurance solutions through its extended office network across the UK.
Arch Insurance (UK) Limited is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020 provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as consummate acquisitions and integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Source: Arch Insurance (UK) Ltd.
Head of Marketing and Communications, Arch Insurance International
M +44 7900 743664