NorthStandard launches one-stop-shop for smaller and specialist vessels

23 January 2025 – NorthStandard has launched a new H&M and P&I product for smaller commercial vessels, typically up to 10,000 gross tonnes. The new offering will also include War, Loss of Hire and other ancillary Hull covers and will be serviced by NorthStandard’s Sunderland Marine and Coastal & Inland teams together.

The new product is available across the global marine insurer’s network worldwide, with momentum expected to build around NorthStandard’s established regional strengths in the small vessel sector – in Europe, Australasia, Asia and South America.

“NorthStandard’s Coastal & Inland and Sunderland Marine businesses are synonymous with market-leading security and claims handling expertise, and the product will give full and easy access to complementary products and services,” said Nick Taylor, Head of Coastal & Inland, NorthStandard. “The combined package brings together high-quality products and services, to consolidate the trust NorthStandard has established with key brokers and shipowners in the smaller vessel space. The ‘one-stop-shop’ concept will create efficiencies for brokers to arrange insurances for their clients whilst ensuring that they get comprehensive cover from a market-leading marine insurer.”

Craig McBurnie, Head of Sunderland Marine, commented: “NorthStandard’s sector-specific expertise and global presence complement each other in ensuring that members focusing on smaller vessels receive ‘best in class’ localised support.”

Owners will benefit from joint H&M and P&I surveys, thereby reducing costs and service disruption. Package discounts could also bring owners savings across one or both product lines albeit always subject to the International Group Agreement – “on an account by-account basis”, added McBurnie.

Following the merger between North P&I and Standard Club in 2023 both Coastal & Inland and Sunderland Marine continue to insure a wide range of smaller commercial craft, as significant contributors to NorthStandard’s specialised P&I and H&M activities.

 

About NorthStandard:

NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has premium revenues exceeding US$836 million, free reserves of US$803 million and mutual pool tonnage surpassing 260 million GT.

From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.

NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.