Brit has launched a new marine consortium named ‘Keel’, in a bid to “revolutionise” the writing of Marine War and breach call risks.
Keel offers up to $152.2m (£108m) of capacity per risk and provides instant quotes that are fully sanctioned screened, an area of increasing importance in the growing regulatory environment affecting marine war risks, according to the insurer.
It comes as hundreds of thousands of trips are made by vessels each year into high risk areas that are excluded from annual war risks protection. ‘Breach calls’ are required to provide insurance cover for these events.
According to Brit, this has traditionally required a “time-consuming” placement process for short-term and short-notice trips that are frequently completed before the insurance paperwork is concluded.
Keel utilises a new trading platform that offers brokers a single interaction to place breach calls for vessels “in seconds”, and directly aims to improve efficiency in covering breach call risks, allowing brokers the opportunity to obtain instant, fully supported quotes at any time.
Gary Brice, head of Marine and Space at Brit, said: “The insurance industry’s placement of breach call risks has historically been an onerous and time consuming process.
“Through our Keel consortium, Brit is aiming to directly address this, delivering a solution that enables the placement of risks in seconds, not minutes, or days, as is currently the norm. We are delighted to have created Keel, and believe its easy to use platform and the technology that sits behind this will help expedite and enhance the writing of marine war breach call risks.”