In the past the shipping industry operated on a set of well-established processes, the modern industry is without doubt one of the most complex and fast-changing sectors in the world.
To keep pace with this rapidly evolving sector, marine transportation providers must adapt and respond to the unexpected. Whether a global fleet or an individual charter, organizations need to consider ways to protect their interests and assets around the world; incorporate multiple legal systems; rely on ever-increasing levels of automation and technology; and face aggressive competition across the board.
An effective risk management strategy is critical to protecting the people and assets that drive your organization’s success. In planning for an event or responding to an incident, having a trusted partner is key to ensuring proper coverage and managing claims.
Marine insurance is at the heart of JLT Specialty USA and our company’s history – we offer in-depth industry expertise and years of experience to deliver market-leading results for our marine clients.
WHAT WE DO
We embrace the opportunity to challenge the status quo by thinking differently than other brokers and risk advisors. We partner with each of our clients to provide fit for purpose solutions to address the most complex challenges, leveraging our advanced analytic modeling to power informed insurance decisions.
Through each phases of our analysis, we recognize the financial impact that your insurances play in your business’s daily operating expenses.
In developing and implementing an effective risk management strategy, our team of marine specialists operate as an extension of your risk management department. With a strong commitment to embracing your culture, we represent your organization and its interests when engaging with the world’s marine insurance markets.
Our face-to-face approach means your business is articulated in a way that enables us to achieve the best results – securing a financially balanced cost structure, product, and terms for the cover you need.
In investing in risk management, your organization seeks to find the best insurance protection at the most competitive price available. JLT Specialty USA’s Marine Practice helps your organization achieve this by drawing on our experience in arranging marine insurance for a vast array of assets and range of risks.
In partnering with JLT Specialty USA, your organization is positioned to utilize – and benefit from – our full range of trading relationships to secure cost-effective solutions that delivers results.
Facilitating collaboration with your organization and your insurers, we bring together the necessary parties and resources to forge lasting relationships that can deliver long-term value for your business.
Our creative approach to finding solutions has helped find cover for all types of risk – from tankers to power barges, shipyards to ports, terminals, and more. We leverage our position within the global insurance markets to secure the right solution for your organization –no matter how diverse and challenging the risk.
Offering in-depth industry experience and years of experience, JLT Specialty USA’s Marine Practice provides your organization with advice and solutions that are vital to your success.
Our key differentiators are:
We offer 24/7 access and support to all our clients
Our service model is based around the needs of your business. We ensure any queries, questions, or concerns are addressed quickly and efficiently
We develop an in-depth knowledge of your business needs and challenges, allowing us to build trusted and enduring client relationships
Our industry experts have experience in all aspects of risk, providing the advice and solutions that are vital in safeguarding your success
We work with your organization to develop a tailored service package that meets the changing needs of your business
We service your organization with a single point of contact – a dedicated account handler who has a complete understanding of all aspects of your coverage, supported by the largest single marine team in the world
Our focused approached has resulted in a client retention rate of over 94%
JLT Specialty USA places some of the world’s largest fleets and terminals into the insurance marketplace. As the risk landscape evolves, we are constantly challenged to push marine markets to new limits and deliver the best results for our clients.
We maintain long-term relationships with our marine clients by constantly achieving outstanding results – providing balance sheet relief through cost savings initiatives and deep analysis of the Total Cost of Risk (TCOR) to your company. Through a model of due diligence, benchmarking, and analytics study, we provide your firm a detailed understanding of where the most advantageous point of risk transfer lies. Please find below an overview of our expertise:
Protection and indemnity
We have an outstanding track record of adding value to relationships with P&I insurers, whether International Group clubs or commercial market fixed premium P&I insurers. We take pride in the trust placed in us by some of the world’s leading ship owners and operators. Our approach is firmly tripartite, reflecting the mutual ethos that underpins much of the P&I world, but always with an emphasis on results.
With a team comprised of lawyers, former P&I club underwriters, and experienced claims handlers, your organization benefits from our expertise in other specialist areas of P&I risk, including contractual liabilities for the offshore industry, specialist operations, charterers’ liability and freight, demurrage, and defence cover.
JLT Specialty USA has been at the forefront of developing coverage for this class of business and have created various facilities for yachts with values exceeding USD 10 million. Our bespoke insurance packages cover risks including hull and machinery, war risks and protection and indemnity insurance.
We tailor our flexible policies to the individual needs of each of our clients.
Our service excellence model is aligned with the demands of owners which has attracted in excess of 150 super yachts to partner with JLT.
To maintain business continuity, your organization requires claims support that allows your business to operate uninterrupted in the event of a loss. Our claims service includes:
Stress testing and adapting products to tailor truly bespoke solutions that accurately reflect your risk exposure
A dedicated team of specialists that offers a comprehensive review of your wording
Using our extensive database, we benchmark the performance of individual insurers, allowing you to make informed decisions about the markets with which you trade
Most importantly, in the event of a loss you really need the most from your broker. With 24/7 access, our priority is to deliver full settlement as quickly as possible. From submission to payment, our average lead market settlement period is ten days.