NorthStandard has launched a new H&M and P&I product for smaller commercial vessels, typically up to 10,000 gross tonnes. The new offering will also include War, Loss of Hire and other ancillary Hull covers and will be serviced by NorthStandard’s Sunderland Marine and Coastal & Inland teams together.
The new product is available across the global marine insurer’s network worldwide, with momentum expected to build around NorthStandard’s established regional strengths in the small vessel sector - in Europe, Australasia, Asia and South America.
“NorthStandard’s Coastal & Inland and Sunderland Marine businesses are synonymous with market-leading security and claims handling expertise, and the product will give full and easy access to complementary products and services,” said Nick Taylor, Head of Coastal & Inland, NorthStandard. “The combined package brings together high-quality products and services, to consolidate the trust NorthStandard has established with key brokers and shipowners in the smaller vessel space. The ‘one-stop-shop’ concept will create efficiencies for brokers to arrange insurances for their clients whilst ensuring that they get comprehensive cover from a market-leading marine insurer.”
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Craig McBurnie, Head of Sunderland Marine, commented: “NorthStandard’s sector-specific expertise and global presence complement each other in ensuring that members focusing on smaller vessels receive ‘best in class’ localised support.”
Owners will benefit from joint H&M and P&I surveys, thereby reducing costs and service disruption. Package discounts could also bring owners savings across one or both product lines albeit always subject to the International Group Agreement - “on an account by-account basis”, added McBurnie.
Following the merger between North P&I and Standard Club in 2023 both Coastal & Inland and Sunderland Marine continue to insure a wide range of smaller commercial craft, as significant contributors to NorthStandard’s specialised P&I and H&M activities.
