West P&I News Hull and War Risks toi Cover Product Range
West P&I has launched two new competitive marine insurance products to enhance its range. Called West Hull and West War, the new offerings are designed to enhance the Club’s services to Members, broaden its appeal to other shipowners and grow its footprint in the global marine insurance markets. West Hull and West War complement West’s core products – P&I, Defence, Charterers, Fixed Premium, and Extended Covers – as well as the Club’s partner products for Delay (with Nordic Marine Insurance), Cyber Risks (with Astaara) and Legal and Claims consultancy (with Qwest).
West Hull covers loss of or damage to a vessel’s hull and machinery, including Increased Value and Loss of Hire. All recognized hull conditions, including the Nordic Marine Insurance Plan and Institute Time Clauses Hulls, can be accepted. West Hull will utilize the resource and expertise of the Club’s partner Nordic Marine Insurance in Sweden. Jan Limnell, Nordic’s Deputy Managing Director & Underwriting Director, noted, "Nordic is delighted to expand its partnership with West and we look forward to using our experience in this area to help the Club deliver this exciting new product.”
In addition to Hull, West is launching its complementary war product West War today, covering damage, loss, and liabilities resulting from war risks. All recognized war conditions can be accepted, including Institute War and Strike Clauses. Fully operated by the Club’s underwriting team, West War will write leading or following lines with additional premiums for high-risk areas with the predetermined breach.
Mark Mathews, West’s Head of Product Development, said: “The new products will enable us to support our current Members and other shipowners beyond our core P&I and Defence cover. We are confident the new products will enable us to enhance further the bespoke services we can deliver to the market and encourage shipowners to consider moving hull, LoH. War cover they already buy to West.”
Mark Mathews, Head Product Development
Tom Bowsher, West’s Group CEO, added: “As a leading P&I Club, we believe careful diversification, focused on quality underwriting and backed by first-class service, will only help to strengthen our position in today’s increasingly challenging market.”
A panel of renowned A-rated reinsurers fully supports both products.
The products and services herein described in this press release are not endorsed by The Maritime Executive.