Long-time partners
Pen Underwriting and
Zurich have a new deal described as an “attractive distribution opportunity” for the multi-line insurer.
Over the next five years, Zurich will provide capacity for up to £150 million in premiums for Pen Underwriting’s hazardous goods and environmental motor fleet solution. What used to be known as OAMPS caters to the needs of the high hazard transportation and distribution sector.
Aside from legal liability for damage caused by spillage or crossover/wrongful delivery as a result of driver error or omission, also covered is environmental statutory liability of up to £1 million. The offer includes protection against third-party property damage – for hazardous goods, as well – worth £10 million.
In addition, new replacement vehicle cover is provided for automobiles – including commercial ones – less than 12 months old in the event repair costs exceed 50% of the manufacturer’s recommended retail price. A year-round 24/7 environmental response service is also available.
“We’re delighted to have secured a long-term commitment from Zurich to continue supporting our specialist fleet insurance solutions for this highly specialist market,” said Adam Shefras, managing director of hazardous goods & environmental industries at Pen Underwriting.
Zurich head of sales Richard Wood noted that supporting Pen Underwriting’s fleet solution for hazardous industries builds on their long-term strategic partnership. “Pen’s experienced team are well-known for their technical expertise, with a risk management-led focus on underwriting quality business, making this an attractive distribution opportunity for Zurich,” he said.
Shefras added: “Our track record in writing profitable business with well-managed loss ratios in an industry where risk is, by definition, everywhere, has given us a sustainable underwriting footprint and is thanks to the knowledge and experience of our sector specialists – many of whom have been with us for 15 years or more.”
He said the partnership ensures Pen Underwriting can continue offering brokers “superior cover” as standard, in order to meet the unique risks and challenges in transporting hazardous goods.
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