A hardening market is a tough thing to pass up, so in February, Maritime Program Group of Manchester, N.H., launched an exclusive Motor Truck Cargo program with North American Specialty Insurance Co., a subsidiary of SwissRe, as an expansion of its nationwide business, says David C. Morrill, Inland Marine program manager.
"We began writing Inland Marine in 2002, starting a very successful Builder's Risk program," says Morrill. "With our Inland Marine expansion now in all 50 states, North American Specialty also expanded our authority to start writing Motor Truck Cargo insurance."
Launching a Motor Truck Cargo line now is good timing, as prices are showing signs of hardening.
"A hard market brings increased pricing and more restrictive coverage forms from companies that package all lines of coverage for trucking accounts," says Morrill. "As a result, it forces producers to break up package accounts, therefore creating more mono-line cargo opportunities."
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