Southern Marine, an MGA within CRC Group, is pleased to announce that, effective January 1, 2023, it has increased Cargo and Stock Throughput binding authority for Bulk Liquids (Oil, Gas, Petrochemicals, and Renewables) to $200M through extended relationships with several Lloyd’s of London syndicates.
This is a significant expansion from the MGA’s previous binding authority limit of $100M in respect of any one conveyance or storage location, including catastrophe perils. Graham Jenks, Senior Vice President & Underwriter with Southern Marine, comments, “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. 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.”
Southern Marine’s Bulk Liquid Cargo insurance policies have the ability to extend coverage to unexplained contamination and shortage losses for waterborne conveyances. Also referred to as Guaranteed Outturn (GOT) or Full Outturn Guarantee (FOG) coverage, the policies are designed to protect against incurring unknown expenses 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.