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TT Club box exposure huge, but unperturbed by Tianjin port blast claims
MARINE transport insurer TT Club may pay out on more than 1,000 containers after the Tianjin port explosions last month, but will find the claims manageable, according to risk management director Peregrine Storrs-Fox.
While early commentaries pointed to the London marine insurer as among those seriously hit, given that it insures four out of five units in the world container fleet, Mr Storrs-Fox insists all is well.
First, TT Club does not have any property exposure in Tianjin, and while a four-figure number of containers are likely to be written off, the value per unit involved is limited, he said.
The Thomas Miller-managed outfit is in surplus, and has extensive reserves. While it is not a P&I Club and therefore not part of the International Group of P&I Clubs pooling arrangement, it does buy reinsurance and part of the pay-out will be met by others, he added.
Mr Storrs-Fox told Lloyd's List that insuring such claims is the bread and butter of what the club has been in business to do in its five decades of existence. "I've been here for 30 years and certainly we've had our fair share of very significant claims," he said.
"This certainly won't be an insignificant claim, but at this stage I would not say it is likely to be one of the most significant, either."
While early commentaries pointed to the London marine insurer as among those seriously hit, given that it insures four out of five units in the world container fleet, Mr Storrs-Fox insists all is well.
First, TT Club does not have any property exposure in Tianjin, and while a four-figure number of containers are likely to be written off, the value per unit involved is limited, he said.
The Thomas Miller-managed outfit is in surplus, and has extensive reserves. While it is not a P&I Club and therefore not part of the International Group of P&I Clubs pooling arrangement, it does buy reinsurance and part of the pay-out will be met by others, he added.
Mr Storrs-Fox told Lloyd's List that insuring such claims is the bread and butter of what the club has been in business to do in its five decades of existence. "I've been here for 30 years and certainly we've had our fair share of very significant claims," he said.
"This certainly won't be an insignificant claim, but at this stage I would not say it is likely to be one of the most significant, either."
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