Welcome for new code

Marine insurance intermediary Seacurus has welcomed Lloyd’s decision to amend its risk codes to include a new class covering seafarer abandonment (SA). Lloyd’s provides guidance to underwriters on the classification of business into various categories using a risk coding scheme, providing a common base for classification and description of risk. Thomas Brown, managing director of Seacurus, said “This new class of insurance is very welcome and very timely. SA is classed as financial guarantee insurance, so any Lloyd’s syndicate wanting to write it will need approval from the Lloyd’s performance directorate to do so.”