North P&I Club has launched its new fixed premium P&I product as it pursues its strategy of greater diversification.
The product will be offered to owners and operators with vessels under 100,000 gross tonnes. The cover will be offered under the group’s Sunderland Marine trading name.
Paul Jennings, Chief Executive of North P&I Club and Sunderland Marine, noted: “While we at North affirm our commitment to the International Group of P&I Clubs, we have recognised over time that Club cover is not suitable for all operators, especially of smaller tonnage. Our new fixed premium product meets an evident market need while not diminishing the virtues and benefits of the IG system that we support..”
North said the fixed premium product had been developed specifically for shipowners and operators who want “both insurance cost certainty and market-leading service, supported by an experienced team with an exceptional reputation in the market”
Thya Kathiravel, North and Sunderland Marine’s Chief Underwriting Officer, explained: “Diversification is a significant feature of North’s overall strategic direction. We have now developed a high quality fixed premium P&I product and service proposition and are confident that our increasing profile in this sector will deliver meaningful financial benefits for our mutual membership.”
All policies are secured by North, with certificates, blue cards and guarantees issued by North. The product will be managed from North’s new London office at 5 Lloyd’s Avenue, by a recently appointed team. They are Brian Davies, Director (London), Gustavo Gomez, Business Claims Manager, and Sebastian Tjornelund, Business Development Manager.
Mr Davies added: “North and Sunderland Marine are already well known for our superior proposition and statement of quality within the fishing and aquaculture sectors, where we are the acknowledged market leader. In keeping with that tradition, this new Owners’ P&I product will offer S&P ‘A’ rated security, which will be fairly priced and coupled with the strength of service offered by North.”