Insurance Options to Protect Against Supply Chain Losses

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1 Insurance Options to Protect Against Supply Chain Losses Tim Garrett, Cargo Underwriter, AF Beazley Syndicate Rupert Sawyer, Divisional Director, RKH Specialty

2 SUPPLY CHAIN INSURANCE PART 1: Physical loss or damage to Interest in transit and/or as inventory in the Supply Chain PART 2: Financial Consequential Loss from interruption to the Supply Chain Slide 2

3 PART 1: Stocks and transit insurance: Stock Throughput What is it? How does it work? Why is it the best cover for my client? Slide 3

4 Stock Throughput Brief History Lloyd s of London began offering stocks and transit insurance in the 1970s: The Property markets had limited capacity for Earthquake, Flood and Wind. There was a need for a policy to cover the entire supply chain. Rates and Pricing for buildings are not appropriate for stock and storage. Stocks are cargo at rest before or after being moved: a natural fit with cargo underwriters. Slide 4

5 Stock Throughput What is it? A Cargo/Transit policy designed to include storage: Stock Throughput policies provide seamless and global coverage for physical loss or damage to the Interest Ocean Cargo, Inland Marine, Transit, Stock/Inventory Slide 5

6 Traditional Program Property Policy Inland Cargo Policy Ocean Cargo Policy Slide 6

7 Stock Throughput Program Seamless Coverage Slide 7

8 Stock Throughput Important Advantages Cheap CAT Capacity! Earthquake, wind and flood offered at full value as standard CAT capacity utilised from both Property and Marine markets Premium rated on exposure NOT limit purchased Each and every loss basis of limits Reduced Deductibles Seamless Coverage Cradle to Grave Eliminates gaps in cover between Property and Marine policies Slide 8

9 Stock Throughput Important Advantages Flexibility! Pick & Mix stocks, transit and ocean cargo can be bought stand alone or together Valuation cost price or selling price Coverage during processing, subject to policy conditions Premium settlement flat annual, auditable against sales or rate against average storage values Global Design Slide 9

10 Stock Throughput Important considerations: Selling price valuation gives one turn of BI coverage Extra Expenses coverage provided Standard BI coverage not provided tie in to property form Coverage whilst in processing plant but not for losses caused by the process such as machinery breakdown Coverage for stocks of others whilst in the care, custody and control, such as co-operative processing of crops Slide 10

11 Interests Slide 11

12 Stock Throughput Capacity: In excess of USD 750,000,000 Full coverage for Earthquake, Wind and Flood exposure. Markets and Security: Over 45 Specialist London Markets participating in Stock Throughput Programs. A+ Reinsurance Security through Lloyd s of London and international companies in London Prompt Claims Settlement Slide 12

13 The World s leading specialist insurance and reinsurance market Slide 13

14 Stock Throughput Underwriting Information Interest and Client Summary a simple app form Schedule of Values Average and Maximum Stock Exposure at each location. Surveys or good COPE of main storage locations. Transit Exposure Total annual Throughput in transit via Ocean Cargo. Total annual Throughput in transit via Inland Cargo. Average and Maximum per shipment. Claims History Last 5 years Stock / Inventory / Transit Claims Slide 14

15 Stock Throughput An example Slide 15

16 An Example R.K. Inc. Grower, purchaser, processor of olives and distributor of olive oil. R.K. Inc. owns two main locations, one in Sacramento (Production) and the other in San Francisco (Distribution Centre). They deliver their product to their clients who are primarily in the USA and the UK. Total sales this year are estimated to be USD 70,000,000. R.K. Inc. is interested in the Stock Throughput Product to insure the following: Their stock whilst in store as olives and olive oil at the processing plant and warehouse. Their ocean cargo and inland cargo, domestic and to the UK. Scope for any potential business expansion both in values and territory. Slide 16

17 Exposure Inventory Exposure: Location Maximum Average Sacramento: USD 70,000,000 USD 30,000,000 London: USD 10,000,000 USD 5,000,000 Total: USD 80,000,000 USD 35,000,000 Transit Exposure: Global Cargo Turnover of USD 70,000,000 (Combined Ocean and Domestic) Mainly between USA and UK however occasionally ship to the Rest of World. Slide 17

18 Conditions Coverage Required: All risks of physical loss or damage subject to Institute Cargo Clauses (A) Cl 382 dated OR American equivalent clauses Strikes, riots, civil commotions and marine war risks Limits Required: USD 6,000,000 USD 70,000,000 any one conveyance. any one named location. USD 1,000,000 extra expenses USD 500,000 any one unnamed location. Slide 18

19 Conditions Deductibles Required: Transits: Storage: USD 2,500 each and every loss, event or Occurrence USD 500 in respect of inland transit USD 10,000 each and every loss, event or Occurrence but, USD 20,000 each and every loss, event or Occurrence in respect of Named Windstorm and Earthquake losses. Geographical Limits: From (air)port(s) and/or places in the World to (air)port(s) and/or places in the World including all domestic shipments; direct or via (air)port(s) and/or places in any order. Slide 19

20 Underwriter Rating How do they calculate Underwriter Premium Calculation: Underwriters will assign two separate rates, one for Transits and one for Storage. These rates will be applied to the Total Transit Turnover (sendings) and the Average Stock Values exposed during the annual policy period. This calculation will yield the expected premium. This premium number will be divided by the total estimated sales in order to generate a composite rate this provides the easiest way accurately to adjust premium at expiry. Slide 20

21 Underwriter Rating Transit Rating: USD 60,000,000 domestic transit 0.03% = USD 18,000 USD 10,000,000 international cargo to 0.06% = USD 6,000 Storage Rating: USD 30,000,000 average exposure 0.2% = USD 60,000 USD 5,000,000 average 0.125% = USD 6,250 Adjustable Rate Generation: USD 90,250 Total Premium divided by USD 70,000,000 Estimated Gross Sales Total Premium USD 90,250 = 0.129% STOCK THROUGHPUT RATE Slide 21

22 Premium Underwriters allow for a slightly reduced Minimum Deposit Premium typically 70% of the total estimated premium. This allows for a reduction in trading habits without additional premium due OR an increase in trading habits without the need of reporting. Minimum and Deposit Premium of USD 63,500 payable quarterly and adjustable at expiry at a rate of 0.129% on annual gross sales, estimated to be USD 70,000,000. Slide 22

23 Questions? Slide 23

24 PART 2: Financial Consequential Loss insurance: Trade Disruption Insurance What is it? How does it work? Why is it the best cover for my client? Slide 24

25 Supply Interruption Insurance Brief History Lloyd s of London began offering Trade Disruption Insurance in the 1980s: Delay in delivery is a standard exclusion from cargo / transit policies Supply Chains were suddenly becoming very international and complex There was a need for a policy to cover the business interruption resulting from a break in a supply chain Marine market in London provided the innovative first policy forms on a Named Peril basis Supply Chain Interruption Insurance more modern name Slide 25

26 Supply Chain Interruption Insurance What is it? R K Harrison Insurance Brokers Limited A policy of indemnity to cover the financial consequential losses arising from a delay to or non delivery of goods and services Indemnity can be loss of profit, extra expenses and/or contractual penalties Can provide coverage to any party with a financial interest in the performance of a supply chain buyers, sellers, third parties Does NOT provide physical loss or damage cover Slide 26

27 Supply Chain Interruption Insurance What is it? Policy designed to suit business needs: R K Harrison Insurance Brokers Limited Named perils or All Risks All Risks broad approach for large corporations with resources to manage required data. Exclusions apply. Named perils allow managed approach to risk: Breakdown of conveyances Blockage to roads, railways, ports, waterways Political risks including embargo Ash clouds Slide 27

28 Supply Chain Interruption Insurance R K Harrison Insurance Brokers Limited Financial Interdependency Slide 28

29 Supply Chain Interruption Insurance R K Harrison Insurance Brokers Limited Important Advantages Business risk as identified in 10K can be addressed Protects profitability Premium spend managed against indemnity and perils selected Captive friendly financial tool quota share placements Specific to identified business risk can be used for single or part supply chains Broad range of optional perils Enhances Property and Marine policies Slide 29

30 Supply Chain Interruption Insurance R K Harrison Insurance Brokers Limited Important considerations: Identifying risk and specific supply chain Supply Chain mapping Risk Management risk identification, prevention and contingency planning Indemnity calculation Cost benefit analysis Slide 30

31 Supply Interruption Insurance Capacity: Variable according to perils and follow specific markets However, most policies require low limits to cover Supply Chain Interruptions Markets and Security: Capacity from Lloyd s and international companies Named Perils basis Capacity from international companies all risks approach Prompt Claims Settlement based on clear understanding of indemnity Slide 31

32 Supply Interruption Insurance Underwriting Information Initial Indications The Risk: Identify the Supply Chain Provide Indemnity calculation and period Identify the perils to be covered The Risk Management: Loss prevention Loss mitigation Contingency planning Claims History: Last 5 years relevant to the supply chain Slide 32

33 Underwriter Rating How do they calculate Underwriter Premium Calculation: Underwriters will assess the risks in relation to the perceived perils and rate for each peril Multiple perils and larger risks will attract savings for composite policies Sharing risk underwriters will expect a quota share retention or significant deductible (this can also be used by the insured for premium spend management and Captive usage) Quick indications can be obtained using general and public information. Slide 33

34 Supply Chain Interruption: An example or two Slide 34

35 An Example Clothing retailer in USA The Supply Chain: 80% of clothing sourced in China The Risks: High dependency on one country source Distance of physical supply routes to market Just in time delivery requirements for fashions Slide 35

36 An Example Clothing Retailer The Perils: Political intervention embargo, confiscation Physical damage to vessels, waterways and port facilities The Indemnity: Loss of profit Extra Expenses The Risk Management and Contingency Planning: Alternative sources with pre-determined contracts for capacity Logistics management plan to re-route Slide 36

37 An Example Clothing Retailer The Loss: China closed all ports after Tianamen Square riots The Mitigation and Recovery: Charter of freight aircraft to fly instead of ship goods The Claim: USD LOTS for extra expenses to switch logistics from sea to air freight paid Slide 37

38 Another Example Coal Mine in South America The Supply Chain: Mines coal in a remote location One road out to port for exports to North America Special port facility requiring specially modified ships The Risks: Single access road, no options Dedicated port facilities Specialist ships Slide 38

39 Another Example Coal Mine in South America The Perils: Physical damage to access road and facilities due to natural perils, especially flood Physical damage to vessels and port facilities The Indemnity: Loss of profit Extra Expenses The Risk Management and Contingency Planning: Mine equipment and expertise can be used to re-construct access Port facility can be rebuilt Specialist ships would have to be rebuilt, others modified Slide 39

40 Another Example Coal Mine in South America The Loss: Physical damage to access road due to flood The Mitigation and Recovery: Mine rebuilt road in 5 weeks The Claim: USD 600,000 extra expenses paid by Underwriters immediately after completion of reconstruction Slide 40

41 Questions? Slide 41

42 Insurance Options to Protect Against Supply Chain Losses Tim Garrett, Cargo Underwriter, AF Beazley Syndicate Rupert Sawyer, Divisional Director, RKH Specialty

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