“We are well insured” is a common statement in the market of marine insurance covers. And if you are paying a premium for insurance covers, you should have every right to make this statement. However, this does not always work out in practice. It is not always the premium that determines whether you are well insured or not. The conditions are particularly important.
Marine insurance covers: essential for the maritime industry
The main purpose of marine insurances is to protect all stakeholders involved in the maritime operations for the unique risks and challenges that occur during maritime operations. Even in the complex landscape of the maritime industry, marine insurance covers should always help businesses mitigate the risks and ensure financial stability.
The protection and risk mitigation offered by marine insurance covers is essential for maintaining profitability and business continuity in the global trade. Besides, it allows the stakeholders within the industry to focus on their operations without constantly worrying about potential financial losses.
Conditions and premiums in marine insurance
Marine insurance covers are always subject to special conditions. The maritime industry is diverse and complex. Each property or liability is different and requires specialist attention from the insurance broker and insurers.
This is why the customer’s activities must be well mapped out. Not only to determine the premium and conditions, but also to provide the insurer with the right information. In marine insurance, it is important that all items are properly represented and all risks are known to the insurer.
It is not a very smart decision to withhold information in the hope that the premium will be more favourable. The sole focus on premiums based on misguided information can bring unpleasant surprises. We strongly recommend a collaborative approach, using cost-effective pricing.
Specialist knowledge is needed for marine insurance covers
Proper marine insurance covers that ensure that the insurer is aware of all the customers’ activities and risks, require special knowledge. We believe that teamplay and a collective knowledge approach are needed for the best solutions and results for both the customers and the insurers.
We take this very seriously and feel great responsibility to exceed the expectations of customers with speed and presence. We also want to set up our marine insurances with the right information and conditions, in line with our motto: “We cannot guarantee that there will never be a problem, but we can guarantee that we will look for a solution”.
Do you want to dive into more details? Read more about marine insurance, functioning as the backbone of the maritime industry.