Brit unveils Keel consortium to revolutionise marine risk underwriting
Brit has created a new marine consortium called Keel that it hopes will revolutionise the writing of marine war and breach call risks.
Breach calls provide coverage for the hundreds of thousands of trips made by vessels each year into high risk areas that are excluded from annual war risks protection, traditionally a time consuming and inefficient process.
Keel offers brokers a single interaction to place breach calls for vessels in seconds. It can provide up to $152.2 million of capacity per risk, with instant quotes that are fully screened for sanctions.
Gary Brice, head of marine and space at Brit, said: “The insurance industry’s placement of breach call risks has historically been an onerous and time consuming process. Through our Keel consortium, Brit is aiming to directly address this, delivering a solution that enables the placement of risks in seconds, not minutes, or days, as is currently the norm.”