Chubb leads a $50m consortium to help mitigate the increasing risks associated with lithium-ion batteries
Chubb has launched a 尝濒辞测诲鈥檚 consortium providing coverage for risks associated with the transit and storage of lithium batteries.
Lithium-ion batteries have been increasingly used in consumer electronics such as smart phones, laptops and e-cigarettes due to their portability and long lifespan. However, they are also known to catch fire if they overheat and have gained worldwide attention in recent years due to various product safety warnings and recalls.
Identifying that there was a lack of capacity for providing lithium battery transit and stock insurance, Chubb Global Markets (CGM), supported by 11 other 尝濒辞测诲鈥檚 syndicates, has launched a 尝濒辞测诲鈥檚 consortium providing limits up to $50m for risks including transit, stock, storage and part orders. Rob Wilson, chief underwriting officer for CGM said:
鈥渢he consortium provides brokers and insured鈥檚 with a single port of call to bind these risks, helping to shore up the lithium battery supply chain as demand continues to grow.鈥
The Joint Hull鈥檚 Yacht sub-committee has also reviewed the issues around lithium batteries in electronically driven equipment and prepared a new clause 鈥楲ithium Battery Clause鈥 (JH2023-011) containing a condition precedent as to the storage and charging of the batteries, any repairs or modifications and a recognised risk assessment to be carried out and documented.
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- London Market, Autumn 2023: What the insurance market needs to know
- Covid BI litigation (Autumn 2023): Insurance coverage disputes update
- Energy insurance: Technip Saudi Arabia Limited v The Mediterranean and Gulf Cooperative Insurance an
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- Climate change related insurance decisions being made around the world
- Al Mana Lifestyle Trading L.L.C. & Others v United Fidelity Insurance Company PSC & Others [2023] EW
- Proposed amendments to the Arbitration Act 1996
- The downfall of Vesttoo: Fraudulent letters of credit
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