Zurich adds bespoke freight liability product

Zurich is launching a new Freight Liability product to supplement its Marine Cargo policy, which was launched at the beginning of the year.

The insurer writes approximately $700m USD of marine business globally including $30m USD of freight liability business, and plans to continue that success in the UK regions.

The Marine Cargo Team led by Alan Wilkins, have built on Zurich's existing marine underwriting capability in the UK, and introduced a new freight product which is designed for transport operators and freight services providers involved with the carriage, handling or storage of goods. The product helps those who are responsible if the goods are lost or damaged.

The new product is designed for firms including road hauliers, warehouse keepers, property owners (storing third party goods), freight forwarders/transit intermediaries and companies with fleets of commercial vehicles. Each policy is sold on a bespoke basis and optional extensions can be included to provide cover for Freight Forwarders Liability, Temperature Controlled Goods, Errors and Omissions and Own Trailers.

Alan Wilkins, Head of Marine Cargo, Broker Division, Zurich said, "Every transport operator should have freight liability cover in their register of risk management to cover them against their legal liability for the goods they carry, as stipulated by their carriage conditions.

"The UK transport industry is a dynamic sector that is still providing growth opportunities for insurers despite the challenges created by the high cost of fuel and a well documented skills shortage. Whilst heavy haulage has been in reverse gear over the past few years, the light haulage sector has seen good growth due to the increase in the purchase of goods on-line. Once a purchase has taken place, the expectation is for timely delivery within a few days and this has provided a fillip to the express haulage/ courier sector."

In February this year, Zurich launched a marine cargo policy for the first time in the UK regions. The product was launched following the recruitment of the new marine cargo team including Mr Wilkins, five others from CNA and Aon. The marine cargo policy covers cargo in transit by road, rail, sea and air, incorporating relevant Institute Cargo Clauses and many additional enhancements.

Mr Wilikins continued "We're delighted to be expanding our product portfolio into this line of business so soon after our launch, earlier this year. This move further consolidates our Broker strategy to become a leading multi-segment insurer in the UK."