Chubb leads a $50m consortium to help mitigate the increasing risks associated with lithium-ion batteries
Chubb has launched a Lloyd’s 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 Lloyd’s syndicates, has launched a Lloyd’s consortium providing limits up to $50m for risks including transit, stock, storage and part orders. Rob Wilson, chief underwriting officer for CGM said:
“the consortium provides brokers and insured’s with a single port of call to bind these risks, helping to shore up the lithium battery supply chain as demand continues to grow.”
The Joint Hull’s Yacht sub-committee has also reviewed the issues around lithium batteries in electronically driven equipment and prepared a new clause ‘Lithium Battery Clause’ (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.
Contents
- 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
- Trade credit: Australian Courts consider the meaning of ‘recoveries’
- D&O: Australian Courts consider the meaning of ‘personal advantage'
- 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
You may be interested in...
Legal Update
Walking the fine line: The statutory duty of candour and insurance
Legal Update
AI is creating fraudulent claims
Legal Update
Shoplifting epidemic by organised criminal gangs: The impact for insurers
Legal Update
Death and disgrace policies: What can insurers learn about the allegations against Gregg Wallace?
Legal Update
Insurance complaints surge continues
Legal Update
How the Regulatory Innovation Office could stir up the food and drink sector
Legal Update
The ‘grate’ cheese robbery: Implications for insurance professionals
Legal Update
Environmental crime and the impact for insurers
Legal Update
Weather protection parametric insurance: A sign of things to come?
Legal Update
Updates to the UK’s Arbitration Bill
Legal Update
Ozempic: The rising costs and coverage issues of weight loss medication
Legal Update
Contractor insolvency: Peabody Trust v NHBC
Legal Update
By a narrow 2 to 1 majority, the Court of Appeal finds in favour of insurers in the construction of an exclusion clause in a W&I policy
Legal Update
PFAS: The issue that won’t go away
Legal Update - The Word
The Word, August 2024
Legal Update
Words matter: Another case on the importance of accurate drafting
Legal Update
It’s not cricket: Insurers change their mind about jurisdiction
Legal Update
Multi-occupancy building insurance: Latest tribunal decision
Legal Update - The Word
The Word, June 2024
Legal Update
Final FCA anti-greenwashing rule guidance published
Legal Update - The Word
The Word, May 2024
Legal Update
The Baltimore bridge collapse: One of the biggest losses in maritime insurance history?
Legal Update
The space data revolution
Legal Update
Chubb ordered to indemnify SXSW for Covid cancellation
Legal Update - The Word
The Word, March 2024
Legal Update
Commercial Court considers requests for stay or anti-suit injunction where two competing reinsurance wordings
Legal Update
Insurers prevail once more in construction of an exclusion clause in W&I policy
Legal Update
FCA writes to MPs over car insurance premiums. What do increases mean for fraud?
Legal Update
Biodiversity Net Gain: A new landscape for restoration clauses
Legal Update
The regulators’ pet project
Legal Update
Insurance and the escalating situation in Suez Canal
Legal Update
Update: Further debates on the Automated Vehicles Bill in the House of Lords this month
Legal Update - The Word
The Word, February 2024
Legal Update
Progress on the Automated Vehicles Bill
Legal Update - The Word
The Word, January 2024
Legal Update
Voldemort causes havoc at Sellafield – nuclear risks and insurance policies
Legal Update
A blow to manufacturers as Thai Court confirms insurers’ denial of cover in wind turbine case
Legal Update
'Clear and unambiguous' exclusions: Cameron Soule v Woodward Design + Build LLC
Legal Update
Follow the leader: Insurers using algorithmic underwriting
