London-listed insurer Chaucer has launched 24 specific cargo insurance websites to allow small and medium-sized companies access to the Lloyd's market and the quoting of business on line.
London-listed insurer Chaucer has launched 24 specific cargo insurance websites to allow small and medium-sized companies to place cargo or specie insurance with a consortium of Lloyd's syndicates, using a Lloyd's broker.
The sites, under the common brand www.insurance4cargo.co.uk, are designed to make the search for insurance for specific industries easier, and to produce cost and time savings for customers, brokers and underwriters.
Each website address starts with "www.insurance4" followed by the specific name of the product, for example, www.insurance4gold.com or www.insurance4oilseed.com.
Each of the sites will be marketed through a separate Lloyd's broker, on an exclusive basis, and each site will have two independent underwriters assessing each risk. Chaucer said this was an advantage because most other sites used only one underwriter or an automatic quote engine.
Chaucer has set up a wholly owned subsidiary, Insurance4Cargo Services, to manage the sites, which were created by Marine Syndicate 1084 cargo and specie underwriter Simon Le Mare.
A consortium of Lloyd's insurers will underwrite all products. Le Mare will be lead underwriter on all but the specie business, which will be led by Amlin Underwriting's Keith Nichols.
Back office software for the sites was designed and developed by Cover.Net, which will continue to monitor and improve the service.
