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Risk Management

Buying the right level of insurance cover

Eight broking teams undertake full-scope risk analysis, enabling us to provide bespoke insurance solutions for your fleet. From policy reviews and development of innovative coverage concepts up to the renewal of insurance contracts – our dedicated account managers ensure that your assets are optimally protected. We aim for open and transparent lines of communication across all stakeholders, allowing the best possible transfer of knowledge.

Market Updates

Knowing, what happens in marine insurance

We keep shipowners updated about the latest developments of the marine insurance market via our P&I Report and Bridge Look-Out newsletter. In addition, our account and claims handlers offer regular seminars to address marine insurance-related topics. For further information please visit our insights section.

Claims Handling

At your side in case of a claim

20 experienced claims handlers located across our offices in Europe, Asia and North America provide competent support in the event of an incident. Our established global network of surveyors, adjusters, salvors, lawyers and other required specialists ensure a professional process from the initial claims’ notification until the final settlement.

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How we handle your claims

1

Notification

Client notifies its dedicated claims handler who reports the claim to leading underwriter and/or P&I Club.

2

Appointment of experts

Instruction of surveyors, lawyers and adjusters. If required, arrangement of (emergency) towage.

3

Assessment of damage(s)

Review and distribution of (preliminary) survey reports to insurers.

4

Repair works

Monitoring of repair works and costs.

5

Claim certification

Collection and certification of repair invoices.

6

Collection and refund

Receipt of claims monies from insurance companies and reimbursement of client.

Case Studies

Fast and professional claims support
whenever the need arises

Collision of two merchant vessels
General Average

Challenge

A vessel from a client collided with a cargo ship off Ningbo (China) which subsequently sunk. There had been fatalities onboard the opponent's vessel that sailed uninsured under Chinese flag.

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Action

Appointment of qualified experts and local attorneys to investigate the case. Guarantees were provided immediately. We kept up the correspondence and agreed the next steps in close coordination with our client and the leading underwriter.

Result

The ship was able to quickly continue its voyage despite considerable pressure from the Chinese authorities. An official General Average declaration could successfully be avoided because we achieved a commercial solution with the charterer. This resulted in considerable cost savings for the owner and its business relationship with the charterer has not been burdened.

Collision with a bulker
possible tug assistance to shipyard

Challenge

Both vessels suffered severe damages of USD 15 million each. Our client's vessel was heavily damaged and it was uncertain whether the voyage to the shipyard could be performed or if tug assistance was required (cabotage regime).

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Action

Through our close contacts with the classification society and the hull surveyor we achieved that a ship safety plan for the journey and class approval was issued to the satisfaction of the local authorities. We pre-financed the remuneration of the local tugs, enabling the vessel to sail to the shipyard without delay.

Result

Negotiations resulted that the vessel was allowed to sail without tugboat assistance, which saved costs of up to USD 3.0 million. Our pre-financing of the salvage costs reduced the time in which the vessel was deprived from income significantly.

COVID-19 infection on board

Challenge

At the beginning of the COVID-19 pandemic, almost all P&I clubs/crew insurers initially refused to cover the costs of personal injury (illness) and quarantine costs. These costs could easily exceed USD 100,000.

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Action

Intensive discussions about the insurance conditions with P&I Clubs in order to reimburse clients for these medical expenses to a large extent. For difficult cases our claims department prepared savings calculations for the insurers, so that clients’ unrecoverable expenses could be kept minimal.

Result

Without the argumentation and savings calculations, our clients would not have received a refund in most cases. Thanks to our efforts, we have decisively contributed to the fact that the insurance conditions of the International Group Clubs were subsequently amended to the benefit shipowners.

Discuss your challenges
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