Register now for our free webinar on Tuesday, November 14th, 2017 at 2PM CST as Kord Spielmann & Mark Cote discuss the risks of Project Cargo.
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A glut of capacity in the U.S. marine insurance market has created one of the softest markets in recent history for operators on the American waterways. Domestic insurers have been forced to underwrite policies at aggressively priced rates in order to hold onto existing business and attract new policyholders.
In the event of a claim, time is of the essence and the Gallagher Marine Claims Team can provide a rapid response service that is, first and foremost, focused on protecting the interests of our clients. Our claims teams are not separate functions of our business, but together a closely aligned and valued part of the broader offering. Claims team members are involved in the placing process, just as placing brokers are involved in claims recovery efforts. This ensures continuity and consistency of approach; it is the foundation upon which our solutions are constructed and affected. See attached case study for an example of how our claims team helped a client.
In 2016, commercial throughput in U.S. ports and fleet growth have remained flat with single digit growth and offshore energy service companies have seen a dramatic slowdown, with many companies laying up vessels. The knock-on effect to marine insurance companies is that layup return premium erodes the overall premium base.
This webinar is directed to clients interested in learning about multinational admitted insurance programs to meet the statutory, regulatory, and tax compliance needs that exist in today’s globalized economy. The presentation will cover what creates the need for a global program, atatutory and tax compliance and Structures & implementation considerations
While working to clear out a pumped-out riverbed for a construction project, a Gallagher client reported three separate injuries to employees. All three claims were reported directly by the insured to their USL&H workers compensation carrier. The claims were handled as workers compensation claims until the carrier questioned each individual’s status and determined that the claims should be handled as Jones Act seaman claims.
Recently, the Government Accountability Office, the Department of Homeland Security and the United States Coast Guard have all issued warnings regarding the vulnerability of the maritime industry to cyberattacks and have provided suggestions to reduce the risk.
A marine contractor on the inland river system had suffered a large claim in the last few years that went well into the excess coverage. The owner wanted to guarantee insurance coverage moving forward but also save money and improve coverage. Gallagher Marine was given an opportunity to accomplish this.
Discussed in this report a 2014-15 P&I underwriting profit for the mutual market; at the same time IUMI have just reported that 2014 is a profitable year for the hull market: the first one since 1995.
Insuring punitive damages has been a “dicey” question for the insurance market for years, since the modification of social opinion of judges and juries has made the awarding of punitive damages, in addition to compensatory damages, an enormous threat to the viability of a business or organization found negligent. Review this chart, provided by Jones Walker, regarding the “availability” of punitive damages in different scenarios given recent developments in case law.