The advantage of deploying our in-house risk management specialists rather than subcontracting is to deliver faster, more technical, and cost-effective solutions tailored to your specific needs.
Our Risk Management Expertise
Our in-house risk management team consists of highly qualified and experienced professionals who have been working with us for many years. They possess deep knowledge of:
- Local conditions and regulatory environment
- Local authorities and compliance requirements
- Port operations and maritime protocols
- Local shipping companies and practices
- Cultural customs and business practices
- Legal frameworks and dispute resolution
Types Of Interventions
Analysis of the nature of the risks
To better understand and appreciate the risks stakeholders are covering, we take into account local features that may directly impact on the risks, such as the quality of the port, of the stevedores, or the available equipment, warehouses and trucks.
Recommending how to limit these risks
We provide the necessary information to enable our clients to better evaluate, and therefore better quote for the requested insurance cover.
Recommending Loss Prevention Measures, such as
- Pre-cover inspections of vessels, warehouses, stevedore equipment etc.
- Pre-shipment inspections of vessels and cargoes.
- Draft full loading, lashing and stowage recommendations and supervisions.
- Draft Loss Prevention Plans which underwriters may decide to impose as a condition or warranty.
Safeguarding Recovery Actions
- Issuing Letters of Protest.
- Organizing joint surveys with the P&I Club, the Stevedores, the Receivers, the Charterers etc.
- Taking all necessary steps to obtain Letters of Undertaking from the Shipowners or their P&I Clubs.
- Obtaining security from the responsible stevedores or their Liability Underwriters.
General Average and Salvage Securities
- Assisting our Principals with the issuance of General Average and Salvage Securities.
- Supervision of the General Average Adjustment.
- Determining the merits of the Salvors’ intervention, calculation of the amount of the salvage award due to the Salvors, and apportionment of this amount between ship, cargo, bunkers and freight (if at risk).
Drafting of Adjustments
- Draft Particular Average Adjustments under Cargo or Hull and Machinery Insurance Policies.
- Draft or check (as the case may be) General Average Adjustments.
Recovery Actions: “no cure- no pay”
We can conduct the full recovery action, normally undertaken under “no cure-no pay” terms, meaning that underwriters concerned will only be invited to settle the recovery fees when a recovery action has successfully been concluded. If need be, the necessary guarantees can be obtained from the responsible party, to safeguard any future outcome of the recovery action.
