Specialty broker launches new London market facility

Specialty broker Price Forbes has launched a new London market facility designed to incorporate property, stock throughput and terrorism cover in a single policy.

Price Forbes said that the facility – named Accordium – will target SME and mid-market business with total insured values up to $1bn (£750m) and be available across a range of sectors internationally.

The broker added that the facility had been designed to meet “growing broker and client demand for integrated all-risks cover in a single solution” and would enhance placement efficiency while “reducing duplication risk and coverage gaps common with multiple policies”.

In addition, policyholders will gain access to tailored coverage and class-specific rates through bespoke policy wordings, while a joint deductible structure and stock-loss driven business interruption cover has been provided to offer improved financial stability post-loss.

This, Price Forbes added, will help firms maximise recovery and ”protects against stock-related income losses many traditional property programmes fail to address”.

Integrated solution

Lloyd’s insurer Brit will lead the facility, supported by additional exclusive automated follow capacity.

Ash Ganesan, deputy chief executive of cargo at Price Forbes, said: “As a genuinely integrated solution, Accordium is incredibly efficient, yet its main objective is to eliminate the issues clients commonly encounter with multiple standalone programmes.

“Combining specialist property, cargo and terrorism expertise in partnership with Brit and select follow markets, Accordium delivers broader protection and enhanced certainty when clients need it most.”