In an ever-changing global marketplace, territories can appear stable one day and then unexpectedly be faced with political or economic tension. This instability is unpredictable, and continues to increase in recent years.
Businesses with mobile assets may be concerned about
political risk events that can have an impact on their operations. This could be anything from confiscation of assets or stocks by a government to political violence and war.
Political risk insurance covering mobile plant and equipment or stocks of commodities and other portable assets is critical in many sectors. This includes large contractors, commodity traders, manufacturers and
energy exploration and development companies.
Our diverse, global and creative team of specialists works as your agent and problem solver to overcome concerns or challenges, and delivers strategies to leverage your business volumes.
WHAT WE DO
We believe insurance contributes to the growth of your business as well as providing crucial protection in unstable circumstances.
We find opportunities where others see challenges. Our entrepreneurial culture and exclusive analytical ability helps clients to identify and realise opportunity in volatility.
Mobile assets / CCP insurance is available for our clients that cover
political risks including assets seizure, forced abandonment, war, political violence and/or deprivation. Business interruption is also available to cover loss of revenue as a result of these events.
A mobile assets cover provides global clients protection to mitigate political risks and focus on running their business.
Our approachable team has helped many companies with mobile assets, and we work diligently with specialist insurers to obtain a bespoke policy based on our client's unique and often challenging requirements.
What information is required to go to the market to consider initial discussions for mobile assets / CCP insurance?
We provide a proposal form to complete which we can then take to the market.
Alternatively, we may request:
Details of the counterparty
Contract terms and conditions
Information about insured goods/services
Law and jurisdiction
Experience you have had with the counterparty.
For short-term trade credit insurance multi-buyer policies, we ideally require a list of all customers, credit limit requirements, annual sales, and payment terms.
For payment default by the obligor, what do I need to provide as proof of loss?
There are some standard template proof of loss forms, which are usually included as an appendix in a policy. If your policy has one, it will need to be filled out and submitted to JLT.
If no proof of loss form is included, then the provision of proof of loss will need to include the following:
Written confirmation by the insured that there has been a default under the insured transaction (email is sufficient)
Proof that you have taken measures to retrieve the overdue payment from the obligor, such as copies of emails or letters chasing payment
Summary of action taken by the insured to pursue payment from obligor
Supporting documents – contracts, correspondence, etc. concerning activity to mitigate loss.
In addition to the above, there may further information relating to the insured transaction that is requested by underwriters in order to process the claim. This will vary depending on the specifics of the policy wording.
Clients seeking to purchase insurance for mobile assets / CCP risks need to ensure that they select a broker with the relevant skills, knowledge, and expertise in their business sector.
We believe insurance contributes to the growth of your business, as well as provides crucial protection in challenging circumstances.
We find opportunities where others see challenges. Our entrepreneurial culture and exclusive analytical ability helps clients to identify and realize opportunity in volatility.
Our multilingual team handles broking services for clients globally, including many of the world’s leading corporations, financial institutions, and government/multilateral agencies.
JLT CPS clients benefit from:
Access to our diverse global team that delivers creative, comprehensive risk and insurance solutions which facilitate growth, reduce capital costs, improve returns, secure people and assets
Ideas and products that positively impact and inform risk mitigation and risk transfer strategies, as well as business decisions
Our ability to create capacity to underwrite new and evolving risks
proprietary analytics tools ensure you have access to complete and accurate real-time information which enables fact based decision making Experienced resources available where you need them without geographical or financial barriers
Consistent engagement through advisory, structuring, placement and claims, drawing in management leverage and technical expertise to ensure that when losses do occur, we maximize recovery and minimize the impact on your operations.
We deliver results. We deploy all resources to help resolve complex losses and deliver claim payments.
Our clients have confidence that the insurance policies we arrange are expertly structured and written by experienced insurers with strong track records in paying claims. Our approachable brokers work alongside our meticulous CPS claims professionals who specialize in handling, managing, and negotiating claims.
In the event of a loss, we provide:
A single point of contact with overall accountability for all losses wherever they occur
Our proactive claims handling process maximizes your recovery under your program, while minimizing the intrusion and interference to your on-going operations
We leverage our strong relationships with major leaders, loss adjusters, and lawyers to help expedite the claims process
Access to our sophisticated pre-loss consulting and effective post-loss recovery services.
Our starting point when structuring a new policy is to precisely understand your needs. Our brokers sit alongside a team of risk analysts drawn from security, technical and academic backgrounds.
Their substantial knowledge is utilised to help us understand the precise nature of your risk profile, thereby assisting us in determining the right insurance solution for your requirements.