Chubb Limited announced the launch of a new Lloyd's of London consortium it will lead that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries. The consortium was created to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance. It provides a one-stop solution with limits up to $50 million for risk types associated with lithium batteries including transit, stock throughput, standalone stock and warehouse legal liability, and will include excess stock and part orders.
It is led by Chubb Global Markets (CGM), the company's London Market wholesale and specialty business including its Lloyd's platform, and supported by 11 other Lloyd's syndicates. CGM will also draw on the capabilities of Chubb Climate+, the company's global climate business unit launched early in 2023.