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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 annual marine premiums globally, identifying cost-effective, often hard-to-find insurance solutions. We help you differentiate your risk profile, enabling you 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 (TCOR), help protect your balance sheet amid business challenges, and stay competitive in an increasingly global marketplace.
Specialist Marine Expertise
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 (service available outside of Japan).
Today, we continue to encourage originality, always focused on the future to help ensure we anticipate your needs.
Marine insurance as it is known today originated in London and London remains its pre-eminent center. More marine insurance is transacted with companies, Lloyd’s syndicates and protection and indemnity (P&I) clubs in London than anywhere else in the world, and London remains the “go-to” market for new, complex and non-standard risks. As a Lloyd’s broker, Marsh’s marine team is a major part of that hub and has been responsible for placing some of the largest and most challenging risks accepted by the market in recent years.
As part of Marsh’s global marine network, the London marine team has quick access to all the world’s leading marine insurers, wherever they are based.
The prompt collection of valid claims is the essential end product 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, and some of the biggest and most challenging marine claims in recent years have been brought to successful resolution through the skills of the Marsh claims team.
Marsh’s specialist marine claims management draw upon the experience of many previous successes in maximizing policy coverage, develop novel approaches to coverage or quantum issues, and provide you with the benefit of our loss management experience to help you through any difficult periods.