Enhanced Freight Liability Introduced by Aviva GCS in Latest Developments
Aviva and Probitas Expand Marine Insurance Offerings
Aviva, a leading global insurance provider, has announced significant updates to its Freight Liability product and the launch of new classes of business through its partnership with Probitas.
The updates to Aviva's Freight Liability product include increased cover limits per tonne and per vehicle, with customizable options linked to turnover and applicable conditions of carriage. The product now supports an expanded range of recognised conditions of carriage, including those issued by Logistics UK and the British International Freight Association (BIFA). Additionally, a new lower-cost ‘economy’ cover option has been introduced for clients who do not handle theft-attractive goods, providing a more cost-effective solution. The updates also incorporate an optional Errors and Omissions cover available online without requiring underwriter referral. These enhancements are available through Aviva’s Acturis E-Trade and Fast Trade digital platforms as part of their broader digital transformation in marine insurance.
In a joint venture, Probitas is now offering five new lines of business, including Marine (Cargo, Fine Art & Specie, and Ports & Terminals), Construction, Renewable Energy, Contingency/Event, and possibly others. These new lines of business are now available on the Lloyd's market through Probitas.
Aviva's Global Corporate and Specialty (GCS) division has also announced two new lines of business: Political Violence and Terrorism (PVT) and Accident and Health. However, details about these additional lines of business were not provided.
The new Real Estate & Construction practice brings together Aviva's Construction, Latent Defects, and Real Estate teams. This launch represents an evolution of Aviva's legacy 'Property Investors' title.
Chris Green, UK Marine Manager at Aviva, and Howard Potter, Head of Marine at Aviva, made statements about these updates, expressing their commitment to modernizing freight liability insurance and supporting brokers with both digital and traditional trading capabilities.
Probitas will begin quoting for these five new classes of business from 12 November. This comprehensive revamp reflects Aviva's and Probitas's commitment to providing innovative insurance solutions and catering to the diverse needs of their clients.
*Note: The term 'Theft Attractive Goods' refers to goods that are more likely to be targeted by thieves.
[1] Acturis E-Trade and Fast Trade digital platforms: [Link to source 1] [2] Aviva's Freight Liability product updates: [Link to source 2] [3] Probitas's new lines of business: [Link to source 3] [4] Aviva's and Probitas's commitment to digital transformation: [Link to source 4]
- With increased cover limits and the introduction of a lower-cost 'economy' option, the update in Aviva's Freight Liability product demonstrates their commitment to offering flexible underwriting solutions in marine insurance, aligning with the growing trend in insurtech finance.
- Probitas, in their partnership with Aviva, expands their offerings to include new classes of business, such as Contingency/Event insurance, reflecting their role in delivering innovative events insurance solutions in the insurtech industry.
