As many of you know, we launched our commercial marine department two years ago, and from there we have continued to expand our focus into many associated lines.
Recently we have developed and launched a capacity for stock throughput – providing global coverage for stock and cargo for multi-national companies, importers and exporters, moving goods around the world.
A global risk
Working with one of our partner brokers, we were presented the opportunity to participate in a global cargo storage and transit liability policy for one of the world’s largest car manufacturers. The cargo is stored and shipped around the world between countries including Mexico, Korea, the United States and of course Canada. It travels both by sea and rail, each stage bringing unique risks to the valuable contents needing to be covered. This was by no means a small undertaking to take on.
A matter of partnership
“In order to be able to bid to underwrite this liability I had to initially put in a proposal for the proportion of coverage we would be willing to take”, states Claude Deslage, Commercial Marine Director at APRIL Canada, “Big risks like this don`t come around every day, so its important to have everything in place before the bidding process begins. This involved obtaining a good up-front understanding of the risk from the broker, and then working closely with our insurer partners to obtain their support. Given the depths of relationships with have both domestically and with Lloyds of London, we can be very flexible with how we build our capacities for risks like this.”
With agreement from our insurers, Claude bid on a proportion of the risk, alongside a number of other players from around the world. “I am delighted that we were considered to be competitive and won part of this risk. The hard work certainly paid off” he adds.
You will agree that this example shows both the range and size of risks that APRIL Canada is able to take on and the lengths we are prepared to go to for both the insured and our brokers partners to submit competitive coverage.