Chubb-led initiative addresses lack of capacity in marine
cargo market for risks associated with lithium battery transit and
stock
LONDON, Sept. 14, 2023 /PRNewswire/ -- Chubb today
announced the launch of a new Lloyd's of London consortium it will lead that is
designed to provide insurance coverage for risks associated with
the transit and storage of lithium batteries.
The consortium was created to address a lack of capacity in the
marine cargo market for providing lithium battery transit and stock
insurance. It provides a one-stop solution with limits up to
$50 million for risk types associated
with lithium batteries including transit, stock throughput,
standalone stock and warehouse legal liability, and will include
excess stock and part orders. It is led by Chubb Global Markets
(CGM), the company's London Market wholesale and specialty business
including its Lloyd's platform, and supported by 11 other Lloyd's
syndicates. CGM will also draw on the capabilities of Chubb
Climate+, the company's global climate business unit launched early
in 2023.
Rob Wilson, Chief Underwriting
Officer for Chubb Global Markets, said: "We're delighted to lead
the creation of this battery consortium with the support of the
Lloyd's market, utilising our in-house risk management capabilities
to ensure its viability. The work involved in managing lithium
battery risks is extensive and brokers can now use this facility to
gain access to capacity in this new risk area. The consortium
provides brokers and insureds with a single port of call to bind
these risks, helping to shore up the lithium battery supply chain
as demand continues to grow."
Matt Hardy, Leader of Chubb
Climate+ for Chubb Overseas General, said: "The lithium battery
industry is growing at a rapid rate and many businesses involved in
moving and storing these batteries are increasingly in need of an
experienced and reliable insurance partner and solution to support
the ramp-up in production. The creation of a consortium dedicated
to underwriting these risks aligns firmly with our commitment to
harnessing our underwriting and risk engineering capabilities to
support the transition to a low-carbon economy."
To learn more about the lithium battery consortium, please
contact Alex O'Brien, Product
Head – Cargo - Chubb Global
Markets: alex.obrien@chubb.com
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries and territories, Chubb provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. As an underwriting company, we assess,
assume and manage risk with insight and discipline. We service and
pay our claims fairly and promptly. The company is also defined by
its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London, Paris and other locations, and employs
approximately 40,000 people worldwide. Additional information can
be found at: www.chubb.com
Chubb Global Markets is a trading name of Chubb European Group SE
(CEG) and Chubb Underwriting Agencies Limited (CUAL).
CEG is a Societas Europaea, a public company registered in
accordance with the corporate law of the European Union.
Members' liability is limited. CEG is headquartered in
France and governed by the
provisions of the French insurance code. Risks falling within
the European Economic Area are underwritten by CEG, which is
authorised and regulated by the French Prudential Supervision and
Resolution Authority. Registered company number: 450 327 374
RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place
des Corolles, Esplanade Nord, 92400 Courbevoie, France. Fully paid share capital of
€896,176,662.
CEG's UK branch is registered in England & Wales under UK Establishment number: BR023093.
UK Establishment address: 100 Leadenhall Street, London EC3A 3BP. Authorised by the Prudential
Regulation Authority. Subject to regulation by the Financial
Conduct Authority and limited regulation by the Prudential
Regulation Authority. Details about the extent of our regulation by
the Prudential Regulation Authority are available from us on
request (FS Register number 820988).
CUAL is registered in England
& Wales under number
2287773. Registered address: 100 Leadenhall Street,
London EC3A 3BP. Authorised by the
Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority (FS
Register number 204901).
Details about our authorisation can be found on the Financial
Conduct Authority website.
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