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Daily Insurance Industry News
Monday 22nd of January 2018
February 26, 2009

Beazley launches three online freight liability policies

by Gill Montia

Story link: Beazley launches three online freight liability policies

Beazley, the marine cargo risk specialist, has launched three new transit products which are available via the Policyfast online trading platform.

The firm promises that its new offering can increase efficiency and reduce costs by providing real time quotes and policy documentation.

The new products comprise:

A Freight Liability Economy product, which Beazley maintains offers a competitive risk solution for companies transporting third party goods that do not carry a high theft risk.

Own Goods and/or Own Tools & Equipment cover designed for companies transporting their own goods and/or their own tools and equipment, against loss and/or damage during transit.

A Freight Liability product that covers a company’s liability under contract and/or statute, occurring while transporting third party goods, which suffer loss and/or damage in their care, custody and control.

The firm’s head of UK marine, Stephen Smyth, comments: “In 2008, the number of reported road freight crimes rose to approximately 3,500, a 56% increase compared to 2007 – and the trend is set to get worse this year.

At a time when companies are looking closely at costs, both Beazley and Policyfast wanted to introduce a freight liability product that differentiates between high and low risk types of freight.”

He adds that the ability of the Policyfast trading platform to speed up quotes and documentation can in itself protect against crime because it helps the freight market move faster.

 

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