Marine Insurance & Risk Management

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

Marine Insurance

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.

Marine Insurance

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.

1,585 marine claims handled, processed and settled in 2017100+ global marine specialists6000+ vessels insured by JLT1917 is the year our oldest client dates back to

FAQs

Call your claims specialist on the number specified in your pre-agreed claims and casualty handling procedures. Your claims specialist will ensure any necessary experts are appointed and your rights are preserved.

Your broker can provide details of loss of hire, delay and other marine business interruption products that respond to vessel damage and non- damage triggers, and help you decide what is most suitable for your organization.

Ask if your broker if they can ensure that any liabilities arising from such contracts are covered by your P&I insurers, or if they can arrange additional cover where that is not possible.

Your broker can explain the agreement, how it affects you, and what strategies you can adopt to mitigate its impact.

Your broker can assess your premium rating, using our unique P&I price modeling tool, to assess your pricing independently, and outline strategies for achieving potential improvements identified by the analysis.

Your broker should provide a thorough analysis of your hull and machinery conditions, measuring them against the latest market benchmarks, and ‘stress-testing’ against real claims scenarios.

YIf the data was stolen as a result of a security breach, a standard cyber insurance policy should respond to any incident response costs, as well as any resulting liability. The nature of the data will have an impact on the size of the claim, notification costs and possible liability, but it should not have an impact on whether or not the policy responds.

WHY JLT

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%

Insurance Solution

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:

In addition to traditional vessel types, we have experience in all types of marine risks, from highly sophisticated offshore support vessels, to floating storage and processing vessels (FSO and FPSO) and emerging LNG (FLNG) technology, power and desalination barges or ships, and other waterborne industrial processes.

Your organization demands personalized solutions. Our strength begins with our technical team, which has extensive experience in tailoring bespoke client wordings. Some all-risks forms give our clients what they need with minimal alteration, others we adapt to our clients’ specific requirements. Our objective is to provide you with cover that is fit for purpose and customized to your individual needs.

We place some of the biggest and most complex war programs in the world. Many of our program designs are unique to JLT clients. We are the leading insurance advisors to the industry in dealing with issues arising out of piracy and providing protection against the exposures involved.

We retain the services of a security advisor to assist our team and our clients in keeping up to date with emerging threats. This resource provides real-time intelligence, which helps our clients maintain a competitive edge.

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.

Our clients purchase a range of loss of hire and other marine business interruption products, from those responding purely to physical loss or damage to the vessel, to products offering extended perils, including protecting against events occurring ashore which cause our client’s vessels to be delayed. These coverages can be tailored to cover the differing interests of owners, charterers, managers, and financiers.

Each shipyard operation is unique. We have extensive experience of placing creative builders’ all risks and ship repairers’ liability programs, along with the interrelated specialist covers required by shipyards. We closely analyse a shipyards anticipated exposed amounts and contractual obligations to structure programs which are not just fit for purpose but are also the most cost effective and adjustable.

Port and terminal exposures present a combination of asset, liability, and financial exposures, often involving markets whose insuring conditions may vary. Programs for our multinational and global clients also need to cater for the individual insurance requirements, risk profile and statutory obligations of each individual operation. Our approach is designed to provide you with seamless protection.

There are various exposures in the maritime industry not directly related to the principal activities of navigating ships and carrying cargo and people. These exposures are often financial in nature and may include loss of revenue, or the legitimate cancellation of a valuable charter due to a range of force majeure or political perils. Our team deals with all aspects of protecting shipping and banking clients from political and force majeure events.

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.


CLAIMS Management

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.

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