This policy is a physical damage policy designed to cover physical loss or damage from a marine peril and will include recovery actions, and other events associated with a physical loss at sea. The policy is adapted to the requirements of the shipowner, whether “All Risks” or “Limited Conditions” or “Total Loss Only” cover.
In recent years this market has been very violate producing low and high premium levels. The current state of market is that many Underwriters have stopped writing altogether or they have reduced their participation in the risk. In addition, some Underwriters feeling is that rates are about to rise and there is evidence that this has already started to happen.
Generally it is the smaller owner who is first to suffer while the Underwriters fight competitively for the big fleet vessels even where some accounts show adverse claims statistics. We are therefore making provision for this change by obtaining the agreement of several Underwriters to accept our clients in the form of a collective policy.
Each owner will have a stand alone record but any overall profitability for the group will benefit each owner when they renew.