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Who we help 

Industry

Insurance

Job Title

Underwriter

Role

Making decisions as to which vessels to underwrite

Data

Vessel Data, Vessel Tracking, Casualty Data, Ownership Data, PSC data, Sanctions Data, Compliance Screening, Geo-Location Data

Marine Insurance

The marine insurance industry provides coverage for risks related to transportation of goods and people via waterways, including ships, boats, and other vessels. It helps protect against losses due to damage, theft, accidents, and other perils that may occur during transit.

Role
Data

A marine hull underwriter is responsible for assessing and pricing risks associated with insuring ships. Hull underwriters evaluate the vessel's condition, history, and other relevant factors to determine the likelihood of an incident occurring and the potential cost of repairs or replacements.

Following an introduction by the broker, the workflow of a marine hull underwriter typically includes the following steps:


· Risk assessment: Evaluating the vessel's age, size, type, condition, and casualty/inspection history to determine the level of risk associated with insuring it. Other factors for consideration can include the vessel's operating area and the experience of its crew.


· Premium pricing: Once the underwriter has assessed the risk associated with insuring the vessel, they will determine the appropriate premium to charge the owner. This will take into account the level of risk, the potential claims, as well as the insurers current portfolio.


· Policy issuance: Once the premium has been agreed upon, the underwriter will issue the insurance policy to the owner of the vessel. This document will outline the terms and conditions of the coverage, including any exclusions or deductibles.


· Claims processing: If an incident occurs and a claim is made, the underwriter will assess the damage and determine whether it falls within the terms of the policy. This process will often be passed to a claims handler or manager.


· Settlement: If the claim is approved, the underwriter will work with the owner of the vessel and any repair or replacement providers to settle the claim. This may involve negotiating the cost of repairs or replacements and ensuring that all necessary documentation is provided.


· Relationship Management: Liaising with brokers is essential for marine underwriters, as brokers will be a consistent source of new vessels to underwrite, as well as supporting their clients around the renewal period.


Throughout this workflow, the underwriter is responsible for maintaining accurate records of all transactions, communicating with stakeholders such as vessel owners and brokers, as well as ensuring that all relevant regulations and guidelines are followed.


By carefully assessing risks and pricing policies appropriately, they help to ensure that vessels are protected and that the maritime industry can operate safely and efficiently.

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Marine Hull Underwriter

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