Chaucer Syndicates has announced leadership of a new default insurance product for charterers which will be offered by Marsh. The product includes specialist wordings developed by Chaucer and Marsh.
The insurance provides protection for the income of the shipowner, including provision for the impact of changes in spot charter rates, if there is a financial default under the charter party,
This is the only product in the Lloyd’s market that provides this protection and Chaucer stated that the specialist exposure required both an extensive knowledge of trade finance and an understanding of the chartering market.
Nick Kilhams, political risk class underwriter for Chaucer’s Syndicate 1084, comments: “This is an excellent new product for shipowners looking for income protection and demonstrates how Chaucer’s trade credit and marine underwriters work successfully together”
He goes on to say: “Combined with our access to the Marsh global distribution network, I am confident of our ability to realise the great potential of this product in the Lloyd’s market.”
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