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Marine insurance faces future increase in premiums

CLA (Risk Solutions) Ltd

Lloyd’s Coffee House was the first marine insurance market, established in the late 1680s, eventually leading to the establishment of Lloyd’s of London.

Marine insurance has evolved since then to cover a wide range of risks for today’s shipping requirements including ship’s hull, cargo and marine liability.

Political unrest, unpredictable weather conditions and the marine insurance market can all influence insurance premiums.

The current unrest in the Middle East, the recent attacks on shipping and the uncertainty of the dispute between the US and Iran are already starting to have an adverse impact on insurance premiums.

Extreme weather caused by global warming has resulted in containers from ships being washed overboard due to strong winds.

These challenges have meant that some providers in the marine insurance sector are walking away from the unprofitable areas of marine insurance.

For several years the market has had a wealth of providers in the sector, however, this may be changing as margins are squeezed and providers pull out of the market or place additional conditions on the business.

Marine insurance cover

Sourcing the best marine insurance cover for your needs in today’s difficult and complex market will require expert knowledge and an understanding of the latest challenges facing global shipping and the changes within the insurance sector to ensure you understand any restrictions or exclusions within the policy.

This is where an insurance broker can provide the knowledge to source the best policy for your needs. Whether you are a shipowner, cargo owner or agent such as a haulier or freight forwarder, CLA (Risk Solutions) can provide the expertise to guide you through the selection of the best policy to meet your needs at the most economical price.

Freight forwarders insurance

This cover is designed specifically for freight forwarders.

It is not cargo insurance; it provides cover for any errors and omissions while carrying out responsibilities to clients.

The cover includes:

• legal costs for defending claims
• clerical errors and omissions
• containers and trailers on hire
• temporary storage costs following an insured incident.

You can also insure the goods, if required, under an open cover facility.

Alternatively, we can arrange insurance cover for any of your clients’ goods directly.

We will work with you to understand your terms and conditions the cover would be limited to your maximum amount under those terms.

To discuss any of your marine insurance requirements, call 0121 321 4600.