When the stakes are this high, you want to be confident that you’ve chosen the best vessel pollution insurance for your own protection and peace of mind. Here are 10 things to help you determine if your carrier can handle your business, and any incident, with efficiency and expertise.
Are you starting to look for a new vessel pollution underwriter? Visit our article on what is vessel pollution insurance to help plan what specifically you will want in your coverage. Falvey Insurance Group is dedicated to developing strong relationships with its clients, and helping them navigate the complex waters of shipping insurance. See what makes us different from other insurers, including benefits and industry events.
1. Decades of Underwriting Experience
Vessel pollution insurance is a niche market with ins and outs that underwriters in other industries won’t be familiar with. Choose an underwriter with decades of experience, specifically in the vessel pollution industry.
2. Industry Experience
Your insurance underwriter may have years of experience overall, but what about the team supporting you? Your underwriter should pair you with industry experts who provide valuable institutional knowledge of unfailing guidance through the maze of federal and state statutes.
3. A True Partner
Look beyond a company name or logo to dig into an underwtier’s philosophy around their relationship with clients. Your underwriter should be collaborative, proactive, and responsive – treating you like a true partner, instead of a rubber-stamped, anonymous policy holder.
4. Excellent Spill Response & Prevention
Seconds count. Your underwriter should have a proactive spill prevention plan in place to protect you before anything goes wrong, as well as powerful spill response network that can be deployer worldwide at a moment’s notice.
5. Stability
Ask your underwriter (or do some Googling on your own) about the tenure of their senior leaders. Do the executives have years invested, or is there a lot of turnover? Do the owners care about customers and the success of the business? This will help you determine the stability of the company.
6. A-Rated Security
All Risks should be secured and bound by an A-rated company.
7. Competitive Pricing
Better insurance doesn’t have to cost more. It’s possible to get comprehensive coverage and excellent customer service without going bankrupt. Ask your underwriter for pricing options and detailed coverage costs.
8. Complete Control of Claims
When disaster strikes, it should be incredibly easy for you to react, respond, and rectify the situation versus jumping through hoops. Ask your insurer how much control they’ll have over the claims process. Hint: The answer should be ‘complete’ control.
9. Advanced Technology
The vessels you operate and the economies driving them are evolving rapidly, and so should your insurance technology. Beware of underwriters offering technology that’s been stagnant for years of minimally innovative – in this high-risk environment, you need solutions that adapt to your needs and not vice versa.
10. Growth
Is vessel pollution insurance providing growing? Is consistently offering more to current clients and attracting new ones? The best underwriters will show year-over-year growth.
Explore our vessel pollution insurance page to learn more and get in touch with us.
