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Here at Coastal Marine Services we like to keep you informed of everything happening within the industry and within our own business

CoastalMS Binders Renewed for a Further 12 Months

We are pleased to confirm that our Hull and Machinery and Protection and Indemnity binders were renewed for a further 12 months, effective 1st July 2022, with our existing panel of underwriters.

Highlights include:

• Cover offered to Owners and Charterers

• Limit of Liability USD 25,000,000 (can be increased to USD 500,000,000)

• Ability to underwrite both EEA and Non EEA business

• Blue card acceptance by over 50 Flag States

• Short and long terms risks considered

• Ancillary covers offered in respect of Contractual Liability and Specialist Operations

2021 Binding Authority

We are pleased to advise that our existing underwriting panel have renewed our binder for the 2021 policy year. Security will be provided as follows:   P&I Non EEA business:   60% Lloyd’s, London 25% American International Group UK Limited 15% HCC International Insurance Co. Plc UMR B0775MRC11421     H&M Non EEA business:   50% HCC International Insurance Co. Plc 50% Lloyd’s, London UMR B0775MRC11421     P&I EEA business: 60% Lloyd’s Insurance Company S.A 25% AIG Europe S.A 15% Tokio Marine Europe S.A UMR B1732MRC11421A   H&M EEA business: 50% Tokio Marine Europe S.A 50% Lloyd’s Insurance Company S.A  UMR B1732MRC11421A   We would like to extend our thanks to those underwriters, broker and clients that continue to support us.

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Brexit Strategy for EEA domiciled Assureds

Whilst I’m sure we’re all still hoping for an agreement between Britain and the EU regarding financial services, we have taken steps to ensure that we can continue to underwrite EEA business in 2021, in the event of a no deal situation. We have entered-into a joint venture with B-Mar www.bmar.be based in Antwerp, to transact business domiciled within any EEA country.  B-Mar have a wealth of experience in the Marine Insurance sector and we are excited to be working with them. BMAR is regulated by the Financial Services and Marketing Authority and has applied to Lloyd’s Brussels for Coverholder status.

COVID-19

Given the recent relaxation of lockdown measures, we’ve been able to re-open our office with two teams rotating weekly. Notwithstanding the ability to work remotely, there’s nothing quite like an office environment to get the creative juices flowing and we’ve started working on a number of new projects in order to enhance our existing offerings. Watch this space!

WELCOME

We’re delighted to welcome Charlie to the team. Charlie joined at the end of June and will assist the Administration Team and also David and John in our Underwriting division. Charlie has been working in the insurance industry for the last 4 years and we’re sure he’ll be a great asset to CMS, despite being a Tottenham fan!

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LLOYD’S BREXIT TRANSFER

“Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.”