Who we help 

A marine insurance broker acts as an intermediary between clients seeking marine insurance coverage and insurance companies offering such coverage. The broker’s role is to provide advice and guidance to clients, source appropriate insurance policies, and negotiate coverage terms and premiums on their client’s behalf. This breaks down to the following:

· Risk assessment: The broker assesses the client’s needs and risk exposure by gathering information about their business or vessel operations. This may include reviewing the client’s financial statements, assessing their loss history, and conducting a site visit to assess the risks involved.

· Coverage analysis: The broker analyses the client’s insurance needs and provides advice on the type of coverage required. They may recommend specific policy types, such as hull and machinery insurance, cargo insurance or war insurance.

· Insurance placement: Once the coverage requirements are determined, the broker identifies and evaluates insurance companies that offer relevant coverage. They will obtain quotes from multiple insurers and present them to the client for review.

· Negotiation: The broker will negotiate with insurers on behalf of the client to secure the best terms and premiums for the coverage required. They may use their industry knowledge and expertise to negotiate policy terms, coverage limits, deductibles, and other key factors.

· Policy issuance: Once the terms and premiums have been agreed upon, the broker will issue the policy on behalf of the insurer. They will provide the client with all relevant policy documents, including certificates of insurance, and explain the policy terms and conditions.

· Policy administration: The broker will assist with policy administration, such as making changes to the policy, answering questions about coverage, and providing advice on claims procedures.

· Claims management: If a loss occurs, the broker will assist the client with the claims process. They will liaise with the insurer to ensure the claim is processed promptly and fairly, and work to resolve any issues that may arise during the claims process.

· Renewal: Prior to the policy expiration date, the broker will work with the client to evaluate their insurance needs and determine whether any changes to the policy are required. They will then negotiate renewal terms with the insurer and issue a new policy if required.