Southern Marine, a program administrator within Starwind Specialty, is pleased to announce that, effective January 1, 2025, it has increased Cargo and Stock Throughput binding authority for Bulk Liquids (Oil, Gas, Petrochemicals, and Renewables) to $225M through extended relationships with several Lloyd’s of London syndicates.
This action follows a significant January 2023 expansion to $200M in capacity from the MGA’s previous binding authority limit of $100M with respect to any one conveyance or storage location, including catastrophe perils.
Graham Jenks, senior vice president and underwriter with Southern Marine, comments, “We are thrilled to announce this latest increase in capacity, reinforcing our commitment to delivering exceptional solutions for our clients and brokers. This expansion reflects our dedication to anticipating market demands and addressing challenges in the oil, petrochemical, and renewable energy sectors. By offering this enhanced capacity under one policy, we are better positioned to support our partners as they navigate f luctuating commodity prices and inflationary pressures, while strengthening the long -term relationships that are central to our success.”
Southern Marine’s Bulk Liquid Cargo insurance policies can 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.