Choosing Marine Policy Providers: Why Being Deliberate Matters

Container ship

Container ship

Ask anyone that has been in the marine industry for a long time, and they will tell you that you can never adequately prepare for most of the maritime disputes. On the other hand, you can learn from weather forecasts when and where typhoons, cyclones and hurricanes are likely to hit. For that, you can reschedule plans to or reroute your ships.

Either way, your shipping business is always at risk of financial loss. Moreover, following up claims can be costlier even than the claims. So, what’s the solution here? Marine policies.

But, where and from whom do you get the right maritime policy to cover these risks, or better yet, an all-risks marine policy? You will require looking further than your local listings to find a marine policy provider that will best cover your shipping investment. More importantly, if you are hiring shipping vessels, it is best if your policy provider offers a charterers’ liability cover. So, where should you be looking? Here is a concise guide of three of the top qualities to check:

Reach of the company

Shipping is hardly a regional industry. Typically, that is because your ships and cargo might require crossing different territorial seas before they reach their destination. Also, world events such as natural catastrophes, political tussles, economic instability, and military coups, can affect your shipping services. So, considering the reach of your shipping business, it is best that you choose an international marine policy provider. With that, you are confident that each of their policies covers global as well as local and regional marine issues.

Reputable

How reputable is the company from which you plan to take your marine policies? How well do they rate in timeliness and professionalism? You want a marine policy provider that is always available to address any issue with your shipping business. Any wasted minute could mean a lost client or business opportunity or a forfeited claim. It is imperative that your policy provider handles every concern that you raise with the highest degree of professionalism. That should include, following industry requirements and understanding your needs.

Dedicated

Men standing on dock

You can tell whether or not you are dealing with a dedicated policy provider from how they commit to offering quality services. They avail detailed information about the different policies for both shipowners and charterers. That also includes the liability that each policy covers. Moreover, they invest in follow-ups to ensure that you follow the right procedures not to forfeit your policies. It is never about them but how best your shipping business can be a success.

Additionally, they are more than willing to have you engaging them so that they can tailor their services and packages to your needs. And, they have a well-trained team with vast experience to nib all sorts of unforeseeable maritime insurance issues before they arise.

It is not enough to get a maritime insurance cover. You want a surety that you will get full compensation from any risk that your marine business will face. Choosing the right marine policy provider can make a whole lot of difference in how much you get from these claims. So, be deliberate!