Risks need to be correctly covered

Insurance premiums are affected by market circumstances Insurance premiums are affected by market circumstances

The UK insurance market is facing many challenges as a result of recent Caribbean claims and high-profile losses over the past few years.

As a result of these events, insurance premiums have been affected, reflecting the losses insurance companies are seeing and specialist brokers are becoming more relevant to the marine market.

A-Plan Insurance marine trade manager Malcolm Stewart says specialist brokers are able to source the correct polices and also offer polices that accurately reflect the risks being placed in addition to providing higher limits of indemnity at competitive premiums.

Liability limits

“Within specialist markets this is more important based on the expertise and ability to access the right market for the risk being placed,” he said. “This can be to speak with insurers who offer higher than normal liability limits or write bespoke sections to cover certain risk.

“In addition, with access to the right markets a specialist marine broker can make sure that the risk is correctly covered.”

And he explained that in the current evolving market place, the one thing that all companies can do to mitigate premiums is to have a robust and effective risk management strategy in place to make them more attractive to insurers.

“This is certainly the case within the marine market as insurers are focusing on what the companies they insure are doing to manage the risk,” said Malcolm. “This can have a positive effect on premiums and how many options clients have at renewal.”

A-Plan Insurance will be on stand Q8 at Seawork.

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