TT Club Reinstates Terrorism Cover For Members
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.ENDSNote 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.
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