Fiducia CEO Gerry Sheehy explains why there needs to be new thinking when it comes to solving today’s and future cargo risks.
What has become quite clear in recent months is the increasing pressure to deliver new solutions to meet the needs of high risk cargo covers.
The days when underwriters and brokers could seek to meet the needs of non-standard cargo risks without a more bespoke approach are in the past. Indeed with the complexity of the supply chain and the need to be ever more just in time when it comes to stock ordering there is a growing demand for “out of the box” solutions.
As such the current market requires experienced underwriters to redefine covers to meet the needs of owners who were transporting high value goods.
We have seen in recent weeks risks that are deemed to have additional risk attached such as tobacco and alcohol cargos that have been struggling to find cover. What has been required is the ability to think outside the box and bring together policies and capacity in different ways to meet the client’s needs.