Munich Re Specialty launches US inland marine product

MUNICH Re Specialty has launched an admitted inland marine insurance product for the US market.

The new product, designed to complement the company’s existing excess and surplus lines coverage, is aimed at providing solutions for domestic exposures in the construction and transportation industries, including general contractors, developers and trucking operators.

The product will offer $50m of capacity covering builder’s risk, contractors’ equipment, motor truck cargo and a range of property floaters.

Munich Re said the addition expands its ability to meet the “diverse needs of insureds and broker partners”.

Jaymee Parker, head of inland marine at Munich Re Specialty for global markets, said: “Our team of inland marine underwriters and claims adjusters has decades of specialised experience in providing responsive solutions for complex risks in construction, trucking and mobile property.

“This new product enables us to bring inland marine offerings to the table on both specialty and admitted paper, giving our clients more options and greater flexibility.”