Do not renew your marine insurance policy before your read this

Everyone out here trying to cut losses, hack it, create a tactic, so many missing the point on how to keep loss ratio stable for marine insurance.

The best way to keep loss ratio stable is to recoup as much as possible from the liable parties after insurance company pays out your cargo claim. It’s called subrogation.

As we are entering into the period of policy renewals for 2021, below are 3 ADDITIONAL practical hacks that will help you negotiate a better deal.

1. Ask your marine insurer what is their subrogation strategy for your specific account. Have they recovered anything from liable party after they paid your cargo claims?
2. Does your insurer need addition documents, evidence, data to be successful in recouping your losses from liable party. Remember, it’s your priority to recoup losses, otherwise your premiums will continue to increase. Share with your insurer good business practices, 3rd party services which outdo existing service providers insurer usually use.
3. Share concrete loss mitigation examples you use in house. Anything which helps to evidence that you prevent risk and exposure. Examples of how you prevent damages handling, stuffing specific cargo, how you educate team and your suppliers. Maybe you use additional tools, devices, which help to identify loss earlier etc.

All this is vital for the insurance company to assess your overall risk and subsequently reduce your cargo premiums for 2021.