Pen Underwriting has expanded its international ports and terminals (P&T) specialism to include US risks, ensuring it can now provide coverage in all jurisdictions worldwide.
By extending its capability, the underwriting team can now consider and provide coverage for locations across the US, including the Gulf of Mexico, Alaska, the Pacific and Atlantic coasts, as well as US-administered territories such as Puerto Rico and Guam.
Pen’s ports and terminals team is backed by A-rated Lloyd’s syndicates and London market capacity. It covers liability, property, handling equipment, business interruption and hull and machinery risks.
There are a host of US risks impacting the marine sector. Alongside traditional risks like physical damage, shipowners’ liability and climate change, the environment has become increasingly complex in recent times due to geopolitical tensions. Trade disputes and conflicts can create losses for owners.
Pollution is another key risk on US territory. The United States maintains International Maritime Organisation (IMO) designated emission control areas – implementing MARPOL Annex VI. It applies sulphur fuel and engine nitrogen oxide standards to vessels that operate off the United States, Puerto Rico and the US Virgin Islands. Chemical releases can prompt significant claims.
Pen’s specialist team operates in the market under the name BMM P&T Ltd, a trading name of Pen Underwriting Limited.
“Our strong ports and terminals’ portfolio performance elsewhere in the world meant the time was right to bring our expertise to the US market, as brokers are always on the lookout for new or alternative propositions to recommend to their clients in this niche area of the international marine insurance market,” said Paul Hartley, co-managing director of marine at Pen Underwriting.
Hartley called the latest offering the “final piece of the ‘global P&T jigsaw’” and with the company now offering to cover US risks, he said he is looking forward to working with brokers who are in the sector.
The move is part of its efforts to expand its marine specialism offering. In recent months, the company has hired veterans within the sector to lead its marine practice. Robert Dobson joined the company as marine claims manager in January, while Paul Wood was appointed product lead – yachts for Vessel Protect last November.
