TT Club Reinstates Terrorism Cover For Members


  • Date: 30/01/2002

30 January 2002

The TT Club, the international insurance mutual for ship operators, terminals, stevedores, port authorities, transport and logistics companies and freight forwarders, has successfully negotiated reinsurance protection for terrorist risks, and has been able to reinstate cover under most Handling Equipment and Property covers at little or no additional premium.

In view of the situation prevailing in the reinsurance market in the aftermath of September 11, TT Club, in common with other primary insurers, had been forced to terminate terrorism cover for static risks at the end of 2001. (Cover for non-static risks has remained in force continuously.) In an advice to members and their brokers issued this week, the Club has announced the reinstatement of cover for static risks on terms that are broadly similar to those applicable before termination.

In a related development, the Club has joined Pool Re, the reinsurance pool backed by the British government. This enables the Club to reinstate cover for terrorist risk for property and handling equipment in the UK (excluding Northern Ireland) up to full value.

“We are pleased that we have been able, with the help of our existing reinsurers and of Pool Re, to restore a high level of protection for our members so speedily,” commented Paul Neagle, CEO for TT Club. “The good standing of TT Club within our market, its strong relationship with its reinsurers and the contacts, experience and expertise of our reinsurance brokers were instrumental in enabling us to achieve this very satisfactory result. The availability of terrorism cover for all our classes of business is now an important differentiating factor between the products provided by the Club and those offered by our competitors.”

The TT Club provides liability and equipment insurance to 70% of the world’s container fleet, over 2,000 ports and terminals as well as more than 4,000 transport and logistics operations around the globe. The volume of business that the Club transacts gives it an extremely effective negotiating position which, as a mutual insurer, the Club’s managers are able to use to the benefit of the membership.

ENDS


Note to editors:
The TT Club provides liability and equipment insurance to ship operators, stevedores, terminal and depot operators, port authorities, logistics providers, freight forwarders and other transport operators in 150 countries. The TT Club insures 70% of the world's container fleet, over 2,000 ports and terminals worldwide and more than 4,000 transport and logistics operations around the globe. The Club's directors are drawn largely from the membership and have significant experience within the transport industry. TT Club is the transport and logistics industry's leading provider of liability and associated insurance and risk management products. To maintain this position the TT Club will continue to maximise its value-adding process with innovative concepts such as TTXpress.com, ThruCargo, TTe-claims and Claimstrac.

For further information please contact:

Ian Lush
Tel + 44 (0)20 7204 2642
E-mail: ian.lush@thomasmiller.com

Media contact:
Michael Haig and Peter Owen, ISIS Communications
Tel +44 (0)1737 248300
E-mail: info@isiscomms.com

A full archive of all TT Club news releases and photographs is available from the ISIS Communications Press Room at www.isiscomms.com

Through Transport Mutual Insurance Association Limited and TT Club Mutual Insurance Limited, trading as the TT Club. TT Club Mutual Insurance Limited, registered in the UK (Company number: 02657093) is authorised by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority. In Hong Kong, TT Club Mutual Insurance Limited is authorised and regulated by the Hong Kong Insurance Authority, in Singapore by the Monetary Authority of Singapore and in Australia by the Australian Prudential Regulation Authority. In the United States, TT Club Mutual Insurance Limited is approved as a surplus lines insurer in all states and is accessible through properly licensed surplus lines brokers. The registered offices are: 90 Fenchurch Street, London, EC3M 4ST.

Through Transport Mutual Insurance Association Limited, registered in Bermuda (Company number: 1750) is authorised and regulated in Bermuda by the Bermuda Monetary Authority and is authorised in the UK by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and Prudential Regulation Authority.

The UK VAT Identification number for Through Transport Mutual Insurance Association Limited is: GB 564 5244 35 and for TT Club Mutual Insurance Limited is: GB 564 3375 30. The Italian VAT Identification number for TT Club Mutual Ltd is: 03627210101.