Hiscox has a new security product designed to help protect shipping targeted by nation states. A small carrier in North Dakota will start offering home telematics products from Roost. AXA XL’s U.S. marine insurance business is teaming with an MGU that offers specialty products and an integrated shopping experience for brokers and agents.
Specialist insurer Hiscox developed a new security product designed to help protect shipping targeted by nation states.
Dubbed “Malicious Vessel Seizure,” the cover will address a single peril of a ship taken by a foreign government, providing loss of hire costs and the services of the crisis management consultancy Control Risks.
As well as meeting the loss of hire costs that shipowners or charterers would face, Malicious Vessel Seizure provides for the services of Control Risks which will help the shipowner or charterer with crisis management support. These services include government liaison and family support for the victims, said Hiscox, explaining that a coordinated crisis management response in the early stages can help mitigate the impact on the assured but most importantly on the families of the victims.
No ships trading with Iran will be considered and the cover offered relates to Control Risks’ fees and limited loss of hire only, according to Hiscox.
Roost, a developer of home telematics for property insurance carriers, is partnering with North Dakota-based Nodak Insurance Company.
Their agreement allows Nodak to offer free Roost Smart Water Leak and Freeze Detectors to select policyholders, in order to mitigate water leak claims costs and build digital engagement. In turn, Nodak will try to boost policyholder interest in its mobile app by enhancing it with Roost services such as severe weather alerts from IBM/The Weather Company and home service pro access from HomeAdvisor.
The Roost Smart Water Leak and Freeze Detector is designed to sense water leaks, humidity and freezing temperature situations. Each detector can be easily located in places around the home most prone to water leaks such as under kitchen sinks, hot water heaters, toilets and various appliances. It then delivers smartphone alerts via the Roost app to help minimize water damage and loss.
AXA XL’s U.S. marine insurance business is teaming with Vindati, an InsureTech managing general underwriter (MGU) offering specialty products and an integrated shopping experience for brokers and agents.
Specifically, they are teaming to offer Ocean Cargo insurance for small and mid-sized businesses via Vindati’s proprietary rate, quote, bind, issue online platform.
AXA XL Insurance offers marine cargo insurance to protect cargoes at sea, in the air, on land, and in storage. In addition to AXA XL Ocean Cargo coverage, Vindati also offers Contractors Equipment, Builder’s Risk, and Farm/Ranchowners packages and has plans to expand its product offering to include Motor Truck Cargo, Warehouse Legal and other business coverages.