Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has a new Lloyd’s facility – Liberty Project Cargo Consortium.
Liberty Project Cargo Consortium will underwrite small and mid-size global project-related cargo risks. The facility, Consortium 7763, offers capacity to underwrite risks up to USD205 million.
Notably, coverage includes comprehensive project cargo, heavy lift, cargo delay in start-up (DSU), and risk engineering services. Consortium 7763 will underwrite and bind risks under a single stamp on behalf of seven supporting syndicates: Aegis, Antares, Apollo, Axis, Chaucer, Munich Re, and Talbot.
“The energy transition, changes to global supply chains, new manufacturing processes, and other industrial and civic developments are prompting an unprecedented number of new projects worldwide,” said Michael Burle, head of the marine division at LSM. “The consortium offers significantly larger capacity than any other currently in the market, which makes the placement and claims processes much smoother.”
Chris Hicks, underwriting manager for marine cargo at LSM, added: “We are delighted to unite insurers to provide much needed capacity and simplicity. The initiative will provide brokers and clients with market-leading capacity at a time when the need for such coverage is significant and growing.”