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Southern Marine Insurance, a managing general agent within CRC Insurance Services LLC, said Monday that it has increased cargo and stock throughput binding authority for bulk liquids — including oil, gas, petrochemicals, and renewables — to $200 million through extended relationships with several Lloyd’s of London syndicates.
Southern Marine’s previous binding authority limit was $100 million in respect of any one conveyance or storage location, including catastrophe perils, the company said in a statement.
Its bulk liquid cargo insurance policies can be extended to cover unexplained contamination and shortage losses for waterborne conveyances, the statement said.