Marsh UK has announced the renewal of Slipstream, its dedicated marine, cargo, and logistics facility, with Markel as the lead insurer.
As the global trade routes face unprecedented disruption – from the ongoing security concerns in the Red Sea (Suez Canal) or the climate-driven droughts impacting the Panama Canal – the insurance market typically reacts with soaring premiums and reduced appetite for risk.
By renewing Slipstream, Marsh and Markel are signalling a commitment to providing consistent competitively priced coverage despite these global “choke points.”
The facility is designed to streamline the insurance process for qualifying re/insureds through a number of features, including the 20% fast follow capacity.
Written under a pre-agreed Marsh arrangement, this capacity accelerated the placement process, allowing for quicker coverage in a fast-moving market.
Other key benefits include follow form capacity, this means that for qualifying re/insureds, the facility will bind following the terms and conditions set by the overall leader.
Regarding claims settlements, the facility’s insurers will follow the overall lead insurer’s claims settlements, in accordance with the Lloyd’s Claims Scheme – this to endure efficiency during a loss.
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