Arch expands marine hull & machinery coverage in UK

Arch Insurance UK, a part of Arch Capital Group, has launched a new UK regional marine hull & machinery product for owners and operators of small and medium-sized commercial vessels.

The launch of the new product is being spearheaded by Arch Insurance marine underwriters Paul Hanson and Stephen Loader. Both executives have worked in the London marine insurance market for over 30 years and have extensive knowledge of the hull and machinery arena.

The insurance solution is designed exclusively for vessel fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe. The coverage is available for a wide range of vessels, including workboats and supply vessels, pilot boats and harbour craft, tug and barge operations, small cargo vessels and water taxis. Coverage is also available for vessel construction.

Arch said the product covers physical damage, general average, salvage, sue and labour costs, and may be extended to include protection & indemnity and loss of hire coverage in specific circumstances. The vessel construction coverage includes sea trials and launch costs. Risk management solutions are also available, and policies are supported by an in-house claims team.

Steve Bashford, chief executive of Arch UK regional division, commented: “Our new marine hull & machinery product is designed to offer owners and operators of commercial vessels not only expansive coverage, but also the ability to create policies built to their specific exposure requirements.

"Our specialist underwriting teams, led by Paul and Stephen, will work closely with customers to ensure first rate coverage as well as the benefits of an in-house claims team to ensure the swift and professional resolution of any claims.”