Lloyd's syndicate M Denby & Others (609) has launched an interactive web site at www.tlo-online.com , which enables marine hull insurers and brokers to purchase total loss only reinsurance online.
The site issued 36 quotes on request and generated premiums of more than $300,000 in a trial period.
"We believe the timing is right as the TLO market is hardening and demand is increasing as reinsurance capacity, which has been widely available in recent years, is more difficult to come by," said underwriter Simon Cooper.
Quotes are underwritten by syndicates 609, 376 and 839. Capacity is available for up to 50% of hull values. Claim payments are agreed on the same day that the original proof of payment is advised, with settlement direct to the reinsured.