The Marine and Special Risks Division of R J Kiln & Co is to offer a suppliers' insolvency extension to its existing Trade Disruption Insurance (TDI) product, following approval by the Lloyd's Franchise Board. The cover will be offered through Syndicate 510 with immediate effect. Kiln is the first insurer globally to write this specialist line of business.
The product is aimed at businesses that use overseas companies for the supply of key components or services which, with the current trend of increased outsourcing of various manufacturing and service functions, makes them vulnerable to disruptions to their supply chain.
Paul Culham, Kiln's deputy underwriter, Marine & Special Risks, commented, “This is an exciting new addition to the Kiln product portfolio. Recently, we have received increasing requests to expand our existing TDI product to include the losses following the insolvency of a named key supplier to the Assured's business. Utilising our internal R&D division we believe we have devised a product that closely reflects our clients' diverse needs and reinforces Kiln's reputation as an innovative and specialist insurance provider”.
Robert Chase, director of underwriting, added, “At Kiln we have a strong heritage of innovation and client service. Having devised this product on the back of market demand, we are delighted with the support that we have received from the Lloyd's Franchise Board in the ratification and approval process.”
