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Market Report: Marine Industry Update - October 2017

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.

Tag(s): Marine;

Claims Advocate Helps Recover on an Initially Denied Claim

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.

Tag(s): Marine; Claims Advocacy;

Market Report: Marine Industry Update

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.

Eliminating Increased Exposure Available under the Jones Act

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.

Tag(s): Marine; Jones Act;

Marine Practice Group Webinar

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.

Gallagher Marine Saves Company Premium and Improves Coverage

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.

Availability of Punitive Damages in Maritime Claims

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.

Tag(s): Marine;