Fireman’s Fund Insurance Company has introduced a new insurance package offering combinations of shippers interest, bailee, legal liability, and errors and omissions (E&O) coverages for freight forwarders.
The Fireman’s Fund Specialty program for freight forwarders offers a simplified rate schedule, an easy-to-use commodity list as well as automated rating and reporting. The company has built the new product into FOCUS, a newly enhanced online facility, which expedites the underwriting and claims process for ocean marine customers.
E&O is also a newly available feature to the product. The target audience is small to midsized freight forwarders with revenues between $5 million and $25 million seeking limits of up to $5 million.
“Our expanded product is meant to satisfy an $80 million market of freight forwarders whose insurance needs became considerably more complex the past several years ever since 9/11,” said Dennis Marvin, vice president of Fireman’s Fund Specialty Ocean Cargo underwriting. “Our appetite for this product has increased dramatically due in part to the administrative efficiencies made possible because of FOCUS and the withdrawal of some markets from this class of business.”
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