Static Commodity Insurance Losses: A Tale of Woe?
Authored by Liberty
Misappropriation and loss/disappearance of static goods is not a new issue for cargo owners. The effect is widespread, not limited to any specific type of commodity and is ambivalent to the geographical location of storage, whether in the ordinary course of transit or not. The knock-on effect should not be underestimated: this type of loss also affects shippers, buyers, supply chains, warehouse keepers and collateral managers and of, course, their insurers. Substantial losses can also negatively affect local markets, disrupt trade and, dependent on circumstances, change future pricing in the locale.
To exacerbate the problem, recently these ‘events’ have resulted in larger and more complex losses, leading to higher severity of the subsequent insurance claims, as well as the resulting commercial disputes and lengthy, costly litigation.
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About Liberty
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations.
We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.