Insure Marine Underwriting

SERVICE = PREVENTION   Why do insurers pay so much attention to #prevention? Simply put, implementing preventive measures reduces the likelihood of a #claim, and in the best-case scenario, prevents the claim altogether.   The question now is how insurers, with their #knowledge, #skills, and #experience, find the right method to deliver preventive advice to the assured in a way that prompts action. Ideally, this should create a win-win situation, but is this really the case?   IMU would like to challenge that despite all the prevention measures communicated and published by insurers, there is insufficient traction with #effective measures to achieve claim mitigation or avoidance.   IMU would like to challenge that despite insurers communicating and publishing various prevention measures, there is inadequate progress in effectively mitigating or excluding claims. This does not mean that insurers should then just stop doing it, on the #contrary, IMU believes that additional measures should be taken to increase the effectiveness of prevention measures.   How do these additional measures look like?   Insure Marine Underwriting believes insurers should not be hidden behind brokers. This approach reduces the distance between the assured and the insurer. IMU works with brokers to share knowledge and ensure clear communication, fostering a "collective knowledge approach."   This position also requires that insurers must be fully available, have a deep knowledge of the client's business, and take active participation in the issues that arise daily in maritime companies.   The word 'service' should not be limited to a brochure or website, and the same applies to prevention measures. True service provides solutions to the everyday problems customers face. This approach and attitude demonstrate that offering #genuine service is the best way to achieve effective prevention results. At IMU, we say: 'Walk the extra mile,' because true service equals effective. prevention. #IMU #CharterersLiability #MarineInsurance  

CHARTERERS & LIABILITY    Did you know that every shipment by sea has one or more Bills of Lading, serving as a #receipt for the cargo and #evidence of a contract between the carrier and the cargo owner?    With the #carriage of goods by sea every shipment will have one or more Bills of Lading, being a receipt for the cargo delivered on board, but it is also evidence of a contract between the carrier and the owner of the cargo. In the third place the Bill of Lading is a document of title (the holder of the Bill of Lading is entitled to delivery of the goods).    The basic #liability regime of a bill of lading is regulated by law and international, ratified conventions, such as Hague (Visby) Rules, Hamburg Rules and US Cogsa. Any clauses in Bills of Lading more favourable to the carrier than regulated by law or conventions will be null and void and overruled by the compulsory law of the country having jurisdiction.     If you wish to know more about Charterers & Liability you can apply to our Masterclass presentation.    Continue reading on our website: https://lnkd.in/eAV7bDVn    #IMU #CharterersLiability #MarineInsurance #BillofLading

GO WHERE OTHERS STOP    Many entrepreneurs start businesses based on a dream or idea. While not all start-ups succeed, those who do often begin with something others thought was impossible. This determination should continue throughout the entire life of the business, not just at the beginning.    Starting a business in marine insurance does not need a dream or an idea to discover it, as insurance has been offered for centuries. The key is to find a way to add #value for the insured customer. Offering a premium and cover can be done by anyone. Anyone can offer a policy or handle claims. However, not everyone can elevate their service to provide exceptional #quality that goes beyond just #premiums and #coverage.    The launch of Insure Marine Underwriting in 2018 was driven by #ambition, #passion, chauvinism and intellectual challenge. Entrepreneur Martin Lanting already had a career in marine insurance and even though he knew what he would encounter, above all he wanted to create something unique. His main motivation was to establish a new #order with a fresh approach. It wasn't about competing with other insurers but about applying this #innovative approach to every level of service delivery once again.    At IMU, we need to be proactive in #underwriting, #legal and #claims, and the complex requirements of #compliance and #sanction #screening. In addition to in-house service, an insurer needs to have a network of external service providers. Besides providing excellent in-house service, insurers must build a network of external service providers who meet standards. We call this "Growing Better Together," which means sharing knowledge and working together, ensuring that there is a collective knowledge approach. Everyone should be focused on the same goal, not operating on their own island but gathering all the knowledge and working together on the solution.  The same principle applies to our cooperation with #brokers. A chain is only as strong as its weakest link. While brokers are the applicants and insurers are the providers, #cooperation is crucial to ensure excellent service for the assured. Go where others stop, do things of which others say it cannot be done. With this ambition and passion, #IMU will continue to offer and improve where necessary! #IMU #MarineInsurace #CharterersLiability #Passion

CHARTERERS & LIABILITY What #liabilities do #charterers face when chartering ships, depending on their activity and identity? 👉 LEGAL LIABILITIES  These are the liabilities without reference to a contract, which a Charterer may  encounter from his identity of being the charterer of a ship used to carry cargo (or for services provided with a non-cargo carrying ship).   👉 INSURANCE COVERAGE  Legal liabilities will be covered during the period of insurance of the chartered ship in accordance with the policy wording of the insurer.    👉 CONTRACTUAL LIABILITIES  In most cases the contract is a #CharterParty. Many of the Charter Parties being used are the BIMCO approved forms, however, it is common practice that the parties are changing the #standard forms with alterations in the printed text and additional rider clauses. It is therefore not possible to determine the exact liability regime of the Charterer based on the standard form. It will be necessary to scrutinise each Charter Party before the correct analysis of the Charterers’ contractual liabilities can be made.      Continue reading on our website: https://lnkd.in/eAV7bDVn    💡 If you wish to know more about Charterers & Liability you can apply to our Masterclass presentation.    #IMU #CharterersLiability #MarineInsurance 

CHARTERERS & LIABILITY    How charterers are exposed to liabilities and how they can benefit from a charterers  liability insurance?    Once having agreed a contract, whereby a ship is made available, the identity of that party is as a #CHARTERER.    Liabilities may vary but cannot be eliminated or ignored. 👉 A voyage charterer may be less exposed than a time charterer.   👉 A commodity trader or cargo owner will only contract for the use of the vessel but a ship and cargo operator, is not only contracting for the use of the vessel but do also have a contract with the cargo interest.    In all circumstances it will be necessary to make a proper analysis of the charterers’ activity and identity before a tailored and competitive proposal can be made.     Continue reading on our website: https://lnkd.in/eAV7bDVn    💡 If you wish to know more about Charterers & Liability you can apply to our Masterclass presentation.    #IMU #CharterersLiability #MarineInsurance 

DUTCH POWER IN MARINE INSURANCE    The Netherlands has a rich history in maritime #insurance. Alongside the established Dutch insurance companies, foreign insurers have long been interested in operating within the Dutch market.    Until 2004, there was a physical meeting place for insurers and brokers in both Amsterdam and Rotterdam, somewhat similar to Lloyds in London. This was of particular interest to foreign insurers who could market their insurance capacity for Dutch maritime risks, such as Hull & Machinery and #Cargo insurance, through underwriting agencies based in the Netherlands.    Digitalisation eliminated the physical meeting places, but this did not mean the end of the model. Foreign insurance capacity is still offered in the Netherlands through underwriting #agencies (MGAs). There are several #marine #underwriters in Rotterdam, both at insurers and underwriting agencies.     As a key maritime nation, it's essential for the Netherlands that we maintain and even expand our position in the industry. We have a deep pool of #expertise in marine underwriting services that we should value and develop.     This means taking responsibility for training young people to become marine underwriters. Underwriting agencies are not limited to Dutch #risks alone; these marine underwriters and global trade are closely connected. From Rotterdam, the entire maritime world is just a phone call away.    👉 At Insure Marine Underwriting, we fully embrace this vision. #IMU #CharterersLiability #MarineInsurance

SHARING KNOWLEDGE Striving for zero damage in international #shipping is a utopia. Despite all efforts in prevention, training, and education, and the involvement of IMO, classification societies, port state control, and other initiatives to enhance shipping safety, incidents will remain inevitable. The inherent #dangers of the sea, together with human error, ensure that accidents will continue to happen. Maritime #insurers support policyholders by minimizing potential #damages and managing any #claims that may arise. P&I insurance specifically covers maritime #liabilities. Marine insurers possess extensive #experience with their in-house specialists, but it is also common for them to engage external service providers. 👉 P&I correspondents will have local knowledge and contacts to ensure smooth operations. 👉 Surveyors will investigate the cause of incidents and use their specialist knowledge to assess the extent of the damage or guide this process. 👉 Lawyers will provide legal advice on jurisdiction, common law, and the interpretation of various contracts, such as charter parties and bills of lading. 👉 In cases of General Average, an average adjuster will determine the magnitude of the General Average and will allocate the salvage costs among the salvaged value of ship, cargo, equipment, bunkers, and freight at risk. At Insure Marine Underwriting, we believe that enhancing #cooperation among all parties is key to improvement. This includes not only collaboration between service providers but also effective communication with clients and counterparties. We call this improvement effort: ‘islands fighting’. Too often, we encounter parties involved in a case being settled in their islands, participating in the claims-handling process only based on their own experience and insights. With modern communication techniques, knowledge can be shared instantly, leaving no valid excuse for delays. It ultimately comes down to discipline and mindset. When we bring our knowledge together and commit to organizing it interactively and proactively, we create ‘collective knowledge.’ Our clients will appreciate the improved results this approach brings, and we will always invite them to join us in this process of ‘knowledge sharing.’ Did you find this article interesting? Subscribe to our newsletter for more. 👇 https://lnkd.in/e9nFMMw4

MANAGING GENERAL AGENTS (MGA) A company operating as an MGA has a contract with an insurance company or P&I Club (the insurer) based on delegated powers. The insurer provides financial security to policyholders, not in a direct relationship, but through the MGA, which issues the insurance policy and certificates. In the documentation provided to policyholders, the name of the insurer(s) is mentioned as financial security. The role of the MGA is to represent the insurer and build relationships with insurance brokers, acting as the 'alter ego' of the insurer, while the insurance broker represents the interests of policyholders. It can generally be assumed that an MGA functions as if it were the insurer. The MGA is responsible for all commercial and operational tasks. The MGA term encompasses all marketing and acquisition activities. All the applications from the insurance brokers are processed without interference from the insurer. Quotations are issued by the MGA and if this leads to an order, the MGA will prepare the full policy documentation and proceed with the premium invoices. A proper equipped MGA also operates a claim handling department, including an advisory function on prevention and legal support for queries from insurance brokers and policyholders. The MGA's popularity is mainly determined by its specialisation. Unlike insurance companies, MGAs are smaller organisations with specialists in their fields. As a result, an MGA can be said to be more service-oriented with short lines of communication with insurance brokers and policyholders, while the underlying insurer manages the required capital to act as an A-rated insurer to the MGA. A quality MGA and an A-rated insurer offer the benefits of both worlds. It is the insurance broker's job to investigate and get this quality confirmed. This exactly how Insure Marine Underwriting operates.

YOUNG MARITIME LAWYERS CONFERENCE 2024 This year, the Young Maritime Lawyers Conference (YMLC) took place in Rotterdam. During the two-day programme, young lawyers from different countries came together to gain additional knowledge on maritime matters and extend their network with colleagues from other countries. Insure Marine Underwriting was invited to participate in a programme on '#salvage', which featured three presentations. Bianca Pielaat of Multraship shared several examples about the complexity of salvage operations and the substantial investments that salvage companies must make to ensure all materials and vessels are ready to carry out salvage operations when needed. These investments are crucial for saving lives and protecting the environment, in addition to saving ships and cargoes. To address the public perception that salvage companies are extremely expensive, Bianca showed that global salvage revenues of $241 million are less than 1% of the global marine premium revenue of $35.8 billion. Arjan Herrebout a marine consultant and salvage specialist, took the audience on a journey around the world showcasing various examples of accidents involving both large and small vessels. He highlighted the numerous obstacles he encountered with counterparts and authorities, which caused unnecessary delays and increased costs. Arjan explained that the complexity of a salvage operation is not limited to the salvage itself but to also unexpected complexities arising from authorities representing different interests, leading to bureaucratic challenges. Martin Lanting gave a presentation from the perspective of #LiabilityInsurance. He emphasized the importance of insurers not limiting themselves to policy terms but acting as active service providers for their customers. Assureds are involved and exposed to certain #risks, not only #financial, but also #reputational. A #salvage operation is complex, and all the potential liabilities of all parties must be considered, not only the ship owner whose ship experienced the accident but also those of the cargo interests and the various charterers in the contractual chain. Often, a salvage will lead to a General Average declaration, which is straightforward, but several complexities emerge when carrying out General Average compensation. Martin showcased the importance of assureds, insurers and service providers taking a proactive attitude by always sharing knowledge and using a collective knowledge approach for better results.

PRICE AND QUALITY Why do people choose to drive a BMW, or they go to the best bakery shop in town, or to a Michelin star restaurant? Such choices are based on #quality. How about your #insurance? Do you make any quality decisions? Do you agree that if quality is offered, you don't mind a higher price when comparing quotations? I am not implying that at Insure Marine Underwriting we are targeting higher prices. Not at all! It's all about comparing quality, and in that respect, we wish our brand to be compared with the highest quality brands. Providing quality is hard work. That requires more attention, more presence, better solutions, bespoke cover. This is exactly what we do. We operate 24/7, because we perfectly understand our clients’ business and how they are exposed to certain #risks and financial #exposure. Let’s call it value for money. That’s how we want to be rated. Finding the right balance between price and quality!