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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 adviser 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 premium globally, helping to identify cost-effective, often hard-to-find insurance solutions. We can help you differentiate your risk profile, enabling you to better compete for insurer capacity.
With specialised marine expertise backed by industry-leading data, analytics, and benchmarking, we help determine and prioritise exposures and can assist to ascertain how much risk your balance sheet can comfortably retain. Then we develop innovative risk management solutions specifically for the maritime industry. And our dedicated marine claims staff can assist to accelerate claims payments to maintain cash flow.
With Marsh’s Marine Practice, we aim to help you minimise the total cost of risk amid serious business challenges, and stay competitive in an increasingly global marketplace.
Specialist Marine Expertise
The maritime industry demands not only specialised 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 specialists can provide insight and solutions to address your business challenges.
Collaboration and Innovation
There are 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.
Today, we continue to encourage originality, always focused on the future to help ensure we anticipate your needs.
Claims Advocacy
The prompt collection of valid claims is among the essential end products of a well-structured insurance program. The unique nature of our client portfolio has exposed us to many of the major casualties suffered by the maritime industries over the last 30 years. The Marsh claims team has successfully resolved some of the biggest and most challenging marine claims in recent years.
Drawing on the experience of many previous successes in maximising policy coverage, Marsh’s global specialist marine claims advocates develop novel approaches to coverage or quantum issues and provide you with the benefit of our loss management experience to help you through any challenging times.