Answer
1. Pre-Policy: Risk Assessment & Pricing
Technical Evaluation: Assesses vessel age, class society, Paris/Tokyo MoU flag performance, management track record, ISM/ISPS compliance, and cargo hazards.
Rating: Calculates base premiums, sets deductibles, and applies Additional Premiums (AP) for high-risk transits (e.g., JWC listed areas).
Policy Terms: Incorporates standard clauses (e.g., Institute Time Clauses – Hulls) and sets express warranties (e.g., maintaining class, seaworthiness).
2. Risk Portfolio Management
Exposure Control: Prevents over-concentration of risk on a single fleet, voyage, or geographic region.
Reinsurance Structuring: Arranges Treaty or Facultative reinsurance to protect the syndicate or insurer against catastrophic, multi-million-dollar maritime losses.
3. Post-Incident: Claims Authority & Policy Enforcement
Warranty & Disclosure Verification: Verifies whether the assured breached express warranties or failed in "utmost good faith" / fair presentation of risk before approving payouts.
Total Loss Decisions: Evaluates and decides whether to accept or decline a Notice of Abandonment (NOA) in Constructive Total Loss (CTL) cases.
Financial Authorization: Provides ultimate sign-off for high-value claims, emergency "Sue & Labour" expenses, and salvage guarantees.
Subrogation & Pricing Feedback: Coordinates recovery against liable third parties post-settlement and uses claim data to adjust future renewal rates or deductibles.
Underwriter qualifications
- A marine insurance underwriter typically requires a bachelor’s degree in fields such as business, accounting,finance, economics, maritime studies, law, or a related subject.
- Some employers may accept associate degree or relevant professional experience in liew of a degree.
- Additionally, professional certification like certified marine insurance underwriter (CMIU) can enhance qualification
- Experience of 2 to 5 yrs in marine insurance is preferred
- Key skills include RA, knowledge of marine insurance products, maritime law & reg., as well as analytical & communication skills