Insurance product launched for smaller vessels
Marine insurance firm NorthStandard has launched a ‘one-stop-shop’ for commercial vessels under 10,000 tonnes.
Although NorthStandard, which was formed in February 2023 with the merger of Morth P&I Club and the Standard Club, is perhaps best known for its insurance for merchant shipping, the new package is suitable for any sized vessel up to 10,000GT, said a spokesperson.
“Its Sunderland Marine business has always covered the smaller ships, and the Coastal & Inland business in its portfolio, which came from Standard Club’s side before the two clubs merged, was purely focused on vessels that operated in coastal and inland waters.”
“The combined package brings together high-quality products and services, to consolidate the trust NorthStandard has established with key brokers and shipowners in the smaller vessel space,” said Nick Taylor, Head of Coastal & Inland, NorthStandard. “The ‘one-stop-shop’ concept will create efficiencies for brokers to arrange insurances for their clients whilst ensuring that they get comprehensive cover from a market-leading marine insurer.”
Joint H&M and P&I surveys will be offered, reducing costs and service disruption, NorthStandard says.
“NorthStandard’s sector-specific expertise and global presence complement each other in ensuring that members focusing on smaller vessels receive ‘best in class’ localised support,” said Craig McBurnie, head of Sunderland Marine.
