The British Exporters Association (Bexa) reinforced the importance of invisible exports and the role of the City of London as a world insurance centre which facilitates trade when it presented the second annual Young Exporter of the Year Award to Edward Nicholson, a broker with political risk insurance broker BPL-Global.
The award recognised Nicholson’s work in designing and bringing to market an innovative insurance policy designed to protect the interests of owners of mobile assets against the full range of political risks in emerging markets and war zones. The policy wording is more comprehensive than previous policies in this field.
The Bexa panel that selected Nicholson noted that “many exporters would not export without insurance cover”. Highlighting his role in designing the product and gaining acceptance for it among underwriters, the panel told Nicholson: “By developing this cover you are facilitating earnings from overseas for the UK and, by offering it to non-UK companies, you are also contributing to the UK’s invisible exports.”
Congratulating the winner, Lord Mayor of the City of London, David Brewer, who comes from a career in international insurance, said: “It is gratifying that the vital role of the City of London in insurance and other financial services has been recognised in this way. It is particularly satisfying that smart young people in the City are leading the way with new products.”
The policy recognised by the award is the latest in a series of innovations by BPL Global which has established itself as a leading specialist broker for emerging markets risks in response to increasing world instability.
Charles Berry, chairman of BPL Global says: “We are delighted that Ed Nicholson has received this recognition. London market insurance brokers play a vital role in an industry central to the UK economy. Innovation is a constant in this market, and Ed’s work in re-engineering the mobile assets political risk policy is a first rate example of innovation winning business.”
The improved policy covers any type of land-based mobile assets including, but not limited to contractor’s plant, onshore drilling equipment, commodity stocks, armoured vehicles, film-making equipment, etc.
A special option under the policy is cover for ‘scuttling “- destroying the insured’s own equipment to avoid it falling into enemy hands. This can be a concern for certain types of equipment in a war zone. It is a highly unusual feature as coverage for destroying one’s own property would normally be anathema in the insurance world.
Berry concludes: “We feel that terrorism and war risks are inseparable in emerging markets and are, in turn linked to conventional political risk perils. Ed’s wording takes this holistic approach.”