Southern Marine increased its cargo and stock throughput binding authority for bulk liquids to $225M.
Effective January 1, 2025, this expansion was made possible through extended relationships with Lloyd's of London syndicates.
This increase comes on the heels of the company's January 2023 increase of $200M in capacity on top of its previous binding authority limit of $100M for any one conveyance or storage location, including catastrophe perils.
Sharing the announcement, senior vice president and underwriter Graham Jenks said that this latest increase in capacity show their commitment to delivering solutions for our clients and brokers.
"This expansion reflects our dedication to anticipating market demands and addressing challenges in the oil, petrochemical, and renewable energy sectors. By offering this enhanced capacity under one policy, we are better positioned to support our partners as they navigate fluctuating commodity prices and inflationary pressures, while strengthening the long-term relationships that are central to our success," he said.
Southern Marine's Bulk Liquid Cargo insurance policies provide wide coverage including protection against unexplained contamination and shortage losses for waterborne conveyances.
The group’s Guaranteed Outturn (GOT) or Full Outturn Guarantee (FOG) coverage policies allow claimants to reimburse costs related to weight discrepancies between loading and discharge.
The reimbursed costs, however, are subject to a 'trade allowance' deductible and specific coverage warranties and conditions. For more information, visit here.
Southern Marine operates under CRC Group's Starwind Specialty, providing a range of MGA insurance offerings in the areas of bulk liquid cargo & storage, general cargo, and stock throughput.
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