Timby brings new admitted warehouse legal liability program to market

By Chris Munro

May 14 - (The Insurer) - Timby Specialty Insurance Solutions has launched a new warehouse legal liability (WHLL) coverage to market backed by admitted AM Best A- rated capacity.

Targeted at public and contract warehouses that handle third-party property for a fee, the new program can provide limits of up to $5 million per location.

Timby’s website states its products are backed by AM Best A-minus rated capacity through Accelerant.

According to Timby, the new WHLL program offers coverage that goes beyond just the storage of goods, with clients able to secure additional protections including the handling, repacking and processing of stored goods.

The new program has been launched at a time when e-commerce packaging and repackaging exposures are constantly changing.

“Now, with increasing concerns about supply chain risk, many companies may be stockpiling more products than they previously stored – increasing potential liability exposures,” Timby’s founder and CEO Tyler Van Spanje said.

“It's essential that brokers speak with their insureds to ensure they have appropriate coverage for the goods stored in their warehouse facilities, and that's exactly what our warehouse legal liability product is designed to provide,” Van Spanje, who previously led Vindati as CEO, noted.

The new WHLL offering is the third program that Timby has brought to market since the data and technology-driven inland marine-focused MGU launched in 2021.

Timby, which was the second operation to launch on the Altamont Capital-backed MGA platform Mission Underwriters, opened for business with its inaugural transportation-focused coverage which included auto physical damage and motor truck legal liability for motor carriers.

Its second offering was a contractor's equipment coverage.

“Building on TIMBY's initial success in the inland marine market, the launch of warehouse legal liability represents the continuation of our foray into the transportation logistics space – a key strategic step toward our mission to provide the best solutions for our distribution partners,” said Van Spanje.

“Leveraging technology that streamlines the underwriting process and accelerates our distribution capabilities, our warehouse legal liability offering is the perfect marriage of tech capabilities and traditional underwriting,” he added.