The word “Underwriting” refers to protecting by way of insurance. Marine underwriting refers to providing marine insurance to the necessary clients. In today’s highly complex marine business, it is very important to have marine underwriting service.
The person who provides marine underwriting is known as a marine underwriter. These are professionals whose main expertise is to ensure that their client is protected by unforeseen losses and casualties.
Marine underwriting is a very tricky concept. This is because there are many different dimensions to it. The loss to the body or hull of the ship and the cargo it contained, the reasons or the causes of the loss, the place where the loss occurred and most importantly the amount that needs to be settled are the main areas that a marine underwriter needs to focus on. It is a well-known fact that insurance claims are very uncertain and there needs to be a complete knowledge of all the elements involved before placing a claim for compensation purposes.
A marine underwriter therefore needs to be aware of not just rules and regulations of the country to which the ship belongs but also about other countries where potential incidents could occur. To explain it simple terms, the maritime rules and regulations of all countries needs to be noted down by a marine underwriter so that clients do not face any problems regarding the settlement of the claim.
In order to make the process of marine underwriting simple and feasible, many professional marine underwriting companies have been set up in many countries. These companies hire professional marine underwriters to make the clients get more reliability and benefit. Some of the famous companies include the Chubb Group and the United Marine Underwriters firm.
Additionally, it has to be noted that in some countries there are associations of marine underwriters set up in order to gain more exposure and experience through a group effort. Such associations are majorly present in countries like the United States. Examples of such marine underwriting associations would be the Association of Marine Underwriters (this is based in San Francisco) and the American Institute of Marine Underwriters, also known as the AIMU (this is an association based throughout the nation).
These organisations ensure that the profession of marine underwriting gets more knowledge on a more regular basis and that the professionals engaged in marine underwriting get to learn more. It is a very interactive concept and the success of such organisations proves the scope and spread of marine underwriting.
Marine underwriting is not a new profession. It is a profession that has existed from the very past though the profession is a relatively unknown one. For people who aspire to be professionals and experts in varied and unique areas, a career of being a marine underwriter is something that could offer them uniqueness and complete satisfaction.