Posted on: 1 March 2023
West P&I has announced that the Club is launching two new competitive marine insurance products on 1 March 2023. Called West Hull and West War, the new offerings are designed to enhance the Club’s services to Members, broaden its appeal to other shipowners and grow its footprint in the global marine insurance markets.
West Hull and West War will complement West’s core products – P&I, Defence, Charterers, Fixed Premium and Extended Covers – as well as the Club’s partner products for Delay (with Nordic Marine Insurance), Cyber Risks (with Astaara) and Legal and Claims consultancy (with Qwest).
West Hull covers loss of, or damage to a vessel’s hull and machinery, and can include Increased Value and Loss of Hire, all recognised hull conditions can be accepted, including the Nordic Marine Insurance Plan and Institute Time Clauses Hulls.
As part of this venture, the Club is utilising the resources and expertise of our partner Nordic Marine Insurance.
In addition to Hull, West is also today launching its complementary war product West War, covering damage, loss and liabilities resulting from war risks.
All recognised war conditions can be accepted, including Institute War and Strikes Clauses. Fully operated by the Club’s underwriting team, West War will write leading or following lines with predetermined breach additional premiums for high-risk areas.
The new products will enable the Club to have different conversations with both Members and non-members beyond core P&I and Defence cover, both fully supported by a panel of renowned A-rated reinsurers.
Tom Bowsher, West’s Group CEO said: “We believe that careful diversification, focused on quality underwriting and backed by first-class service and reinsurance, will help to strengthen the Club’s position in today’s increasingly challenging market.”
For further information contact Mark Mathews, Head of Product Development.
