New product from CertAsig: Forest and Timber Insurance – by Cristina Hlinschi, PR & Communication Consultant
27% of Romania’s total surface area, 25% of Bulgaria and 34% of Czech Republic are covered by forests. Roughly half is commercially planted trees, representing significant investment.
Forest fires, wind and disease are real risks that cause severe loss and economic damage.
Companies active in this industry are becoming increasingly aware of the necessity for appropriate insurance, in order to counteract the risks.
“In the last years, we have seen a significant increase in interest from owners or companies active in forestry and standing timber exploitation, but insurance penetration of forestry insurance remains surprisingly low”, says James Grindley, CEO of CertAsig.
These companies are looking for solutions which effectively support their businesses, which is why CertAsig recently launched a specialised insurance products, fully reinsured by Lloyd’s Syndicates.
CertAsig provides core cover for fire, lightning, explosions and impact of aircraft. Additional risks which we can cover include adverse weather (wind, cyclone, hail, frost, snow and ice), landslides and floods, fire-fighting expenses etc.
Our underwriting capacity if in excess of 10.000.000 EUR per client basis, subject to geographic distribution.
„CertAsig already has more than 20 clients in Romania for this our forest insurance product, so we consider this an exciting start and further proof that our strategy to innovate and tap new market segments is working”, says James Grindley.
Target clients include:
- Independent forestry owners
- Commercial forest enterprises (Pulp and Paper manufacturers)
- Saw log producers and Timber merchants
- Real Estate Investment Trusts
- Timber Investment Management Organisations
- Forest Management Organisations
- Agricultural Banks providing loans or finance for forestry owners
- Alternative Investment Management companies
- Regional forest owners Associations