By: 23 June 2020
NMU offers new cargo product with fast-track claims initiative

Specialty insurer NMU has launched a new cargo product that offers comprehensive but clear policy wordings, new extensions for financial loss, unauthorised occupants of vehicles and unexpected return of goods, and a fast-track claims initiative.

Called Fast Track Claims, the initiative gives cargo policyholders the ability to submit claims up to £2,500 via a simple web form with no supporting documentation required. Submissions will be reviewed within 72 working hours by NMU and settled by BACS if criteria are met.

Marc Thomasson, claims manager at NMU, said: “Today more than ever, efficient and expedient claims handling are essential, allowing policyholders to resume their operations and manage their day-to-day business as quickly as possible.”

“Our innovative new Fast Track Claims portal delivers exactly that and enables NMU clients to receive the swiftest claims payment service in the market.”

Seeking to further complement the enhanced cargo offering, NMU’s ongoing partnership with specialist risk management consultancy BSI has been extended, allowing the insurer to develop and deliver a range of supply chain analysis services, which when introduced, will be directly accessible by NMU policyholders.

Ian Allman, risk control manager at NMU, explained: “Our collaboration with BSI will enable NMU brokers to further support their clients and, through leveraging the consultative partnership in place, to better understand clients’ supply chain risk and exposure with a view to addressing potential areas of vulnerability. We strongly believe that prevention is better than cure.”

“Combining BSI’s vast experience in supply-chain security and risk management together with our own expert understanding of the cargo insurance industry, this enhanced partnership will provide policyholders with the necessary knowledge and skills to take a proactive approach to becoming more resilient in their supply chain operations, as well as helping to reduce losses and claims.”

Guy Smith, cargo and freight underwriting manager at NMU, concluded: “We are delighted to be able to bring a new cargo proposition to market that will support our policyholders and brokers in all of these areas.”

“Providing an enhanced level of cover in an easier-to-understand format and a hugely simplified claims process for the lower value losses, will reduce the time spent by policyholders on insurance matters and the enhanced risk management offering enables us to bring a wealth of expertise to them, ensuring they have the tools to protect their businesses.”

“We believe this new proposition supported by our extensive team of experienced underwriters, claims handlers and risk management consultants, combined with our exceptional financial strength and stability, makes our cargo package second to none.”