Lumley in SME freight tie-up with mutual
Lumley is partnering with UK-based mutual TT Club to offer forwarders combined cover to Australian SMEs.
Lumley Marine & Logistics National Manager Robert Hammersley says the “highly unusual” policy is designed to attract SMEs who have departed TT Club over the past few years due to spiralling rates.
“Over the last few years, TT Club has been lifting its minimum premiums and SME operators couldn’t afford to pay so departed the club,” Mr Hammersley told insuranceNEWS.com.au.
The broad liability coverage incorporates cargo liability, errors and omissions, public liability, fines and duty, costs and tenants’ legal liability, with varying limits.
Mr Hammersley says the arrangement is “a win/win situation for both parties”.
“We’ll write 100% of the business and promote the business, and reinsure 50% of the risk back to the TT Club, which is offering access to club wordings, risk management, contacts and its international network of offices,” he said. “It enables TT Club to get back into the SME market.”
Lumley Marine & Logistics National Manager Robert Hammersley says the “highly unusual” policy is designed to attract SMEs who have departed TT Club over the past few years due to spiralling rates.
“Over the last few years, TT Club has been lifting its minimum premiums and SME operators couldn’t afford to pay so departed the club,” Mr Hammersley told insuranceNEWS.com.au.
The broad liability coverage incorporates cargo liability, errors and omissions, public liability, fines and duty, costs and tenants’ legal liability, with varying limits.
Mr Hammersley says the arrangement is “a win/win situation for both parties”.
“We’ll write 100% of the business and promote the business, and reinsure 50% of the risk back to the TT Club, which is offering access to club wordings, risk management, contacts and its international network of offices,” he said. “It enables TT Club to get back into the SME market.”