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As global trade stretches into more remote corners of the world, the entire maritime industry enjoys new growth opportunities. It also faces new challenges, unpredictable costs, and the ever-present potential for catastrophic loss. The speed of change keeps accelerating, requiring swift responses and greater operational efficiencies.
Marsh’s Marine Practice is a leading advisor to the maritime industry on risk and insurance issues. Our globally coordinated team of nearly 600 maritime specialists places approximately US$3 billion in marine premiums globally, identifying cost-effective, often hard-to-find insurance solutions. We help clients differentiate their risk profiles, enabling them to better compete for insurer capacity.
With specialized marine expertise backed by industry-leading data, analytics, and benchmarking, we help determine and prioritize exposures and determine how much risk your balance sheet can comfortably retain. We use technology to develop innovative risk management solutions specifically for the maritime industry. And our dedicated marine claims staff helps to accelerate claims payments to maintain cash flow.
With Marsh’s Marine Practice, you can minimize total cost of risk, help protect your balance sheet amid business challenges, and stay competitive in an increasingly global marketplace.
Global Approach
The maritime industry demands not only specialized knowledge, but also a holistic perspective. Marsh takes a global service approach to our marine clients, augmenting our capabilities with professionals who are dedicated to providing expertise and innovation in the following areas:
- Hull and machinery.
- Marine liability.
- Protection and indemnity.
- Marine cargo.
Whether your risk relates to ship repair and maritime construction, natural catastrophes, start-up delays, war, terrorism, coastal marine operations, inventory, or other risks, Marsh’s experts can provide insight and solutions to address your business challenges.
Collaboration and Innovation
Two keys to Marsh’s success: collaboration and innovation, which lead to new products and creative ideas that result in unique client solutions. For example, we:
- Designed and implemented a solution for multiple governments’ war insurance issues following market changes/major losses.
- Pioneered the concept of social responsibility insurance.
- Helped shape the Athens Convention to enable the indemnification of liabilities imposed by that convention.
- Developed the first-ever open platform, online certificate and account management system dedicated to marine cargo, www.MarshCargo.com, now the global standard.
Today, we continue to encourage originality, always focused on the future to help ensure we anticipate client needs.