Florida-based LIG Marine Managers announced the launch of two new programs; the Stock Throughput Program and the Marine Contractors Package Program.
Ian Greenway, president of LIG Marine Managers, said “Stock Throughput has been around for many years and is often a neglected area of cargo insurance, but lately it enjoys a new validity in today’s global market place.”
Stock Throughput is a combination of Ocean and Inland Cargo (road/truck/rail/air) with “location” coverage in a warehouse or manufacturing premises anywhere in the world. This policy is most applicable when the cargo follows a round trip or has multiple stops along the way.
For example, there are many U.S. manufacturers today who move part of their process to another country (often in Central or South America). The Stock Throughput Policy can provide coverages for the cargo in route, while the goods are in the warehouse/manufacturing facility in that country, and then for the cargo back to the U.S. In addition, the Stock Throughput can often offer perils/coverage for stock in certain countries where otherwise difficult or impossible to obtain.
The minimum premium is $25,000 and the policy is written on an annual basis with typically annual or quarterly adjustments.
The Marine Contractors Package Program is designed for marine contractors who work on vessels, build docks and/or seawalls, Stevedores, Shiprepairers, Wharfingers/Landing Owners, Marine Terminal Operators, Passenger Vessel Operators (harbor types) and related marine industries.
Coverages include Mandatory CGL (occurrence form) including Products/Completed Operations, and options of Ship Repairers Legal Liability, Stevedores Liability, Terminal Operators Liability, Wharfingers Liability, Tankermans Liability, Protection & Indemnity (excluding crew and cargo), Hull & Machinery and Equipment. Available limits are $1,000,000 per occurrence/$2,000,000 aggregate with excess coverage available when needed.
The minimum premium is $25,000 if written monoline, however this is reduced to $10,000 when written in conjunction with other lines.
For additional information on LIG Marine Managers and applications for the Stock Throughput Program and Marine Contractors Package Program, visit LIG’s Web site at www.LIGInsurance.com.
Topics Contractors Manufacturing
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