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 cope with this, clients need to be ready to handle whatever may be thrown at them. Even a relatively simple business will need to consider ways to protect its 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.

Marine insurance and risk management is crucial for any marine business, enabling you to protect the people and assets critical to your business success. Therefore having a partner that provides market-leading results is important, so you can be confident of dealing with any situation, however challenging. Marine insurance is at the heart of JLT and our company’s history.

WHAT WE DO

Marine Insurance

We provide expert advice and leading marine insurance and risk solutions to protect people and assets. Our areas of expertise include: trade credit, freight liability, freight operators, cargo owners, importers, exporters, perishable export agents, transporters, couriers, airfreight operators, stevedors, household removal companies, ship owners, boat owners, charterers, boat dealers, commercial fishing fleets and salvage operators.

Your organisation needs to find the best insurance protection at the most competitive price available. We will help you achieve this by drawing on our experience of arranging marine insurance for a vast array of assets that face a range of risks. You will be able to utilise the full range of our trading relationships to secure a cost effective solution that delivers results.

We represent you and your interests through a process of engagement with all 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 the best price, product and terms for the cover you need.

Marine Insurance

We collaborate with you and your insurers to forge the kind of long 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 and terminals. We will leverage our position within the insurance markets across the world to secure the right solution for you, no matter how diverse and challenging the risk.

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 10 days.

Key Stats

1,585 marine claims handled, processed and settled in 2017
100+ global marine specialists
6000+ vessels insured by JLT
1917 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. They 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 you.

See if your broker 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 modelling tool, to assess your pricing independently, and outline strategies for achieving any improvement their analysis suggests you deserve.

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 shouldn’t have an impact on whether or not the policy responds.

WHY JLT

Our marine specialists use their knowledge and expertise to provide you with the advice and solutions which are vital to ensuring your success.  Our key differentiators are: 

  • 24/7 access and support available to all our clients
  • Our service model is based around the needs of your business. We ensure any queries, questions or concerns are addressed speedily and efficiently
  • Developing in depth knowledge of your business needs and challenges allows 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 you to ensure a tailored service package that meets the changing needs of your business
  • You benefit from 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

Your organisation needs to find the best insurance protection at the most competitive price available. We will help you achieve this by drawing on our experience of arranging marine insurance for a vast array of assets that face a range of risks. You will be able to utilise the full range of our trading relationships to secure a cost effective solution that delivers results.

Our creative approach to finding solutions has helped find cover for all types of risk from tankers to power barges, shipyards to ports and terminals. We will leverage our position within the insurance markets across the world to secure the right solution for you, no matter how diverse and challenging the risk. Please find below an overview of our expertise:

In addition to traditional vessel types, we have experience of 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.

You demand personalised solutions. Our strength begins with our technical team, which has extensive experience of 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 bespoke to your individual needs.

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

We retain the services of a security advisor to assist our clients and our own team in keeping up to date with security issues. 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 lawyers and former P&I club underwriters and claims handlers in our team, you also benefit 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 programmes, along with the interrelated specialist covers required by shipyards.

We closely analyse a shipyards anticipated exposed amounts and contractual obligations to structure programmes 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. Programmes 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.

We have 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 superyachts to use JLT.


CLAIMS Management

Claims service is the ultimate test. You need claims support that allows your business to continue 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 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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