Brit has created a new marine consortium known as Keel, which seeks to revolutionise the writing of marine war and breach call risks.
According to a statement by Brit, Keel offers up to US$152.2 million of capacity per risk and provides instant quotes that are fully sanctioned. This, the company said, is growing in importance in today’s regulatory environment affecting marine war risks.
Each year, hundreds of thousands of trips are made by vessels into high risk areas excluded from annual war risks protection. For these trips, ‘breach calls’ are required to provide insurance cover for these events. This is usually a time-consuming placement process for short-term and short-notice trips that are frequently completed before the insurance paperwork is concluded.
The Keel consortium will use a digital trading platform that allows brokers to quickly place breach calls, providing instant, fully supported quotes around the clock.
“The insurance industry’s placement of breach call risks has historically been an onerous and time consuming process,” said Gary Brice, head of marine and space at Brit. “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.”
