Marsh Launch New Insurance Facility
Marsh, a global leader in insurance broking and risk management, has launched a new insurance facility that provides comprehensive insurance coverage for the Private Maritime Security Company (PMSC) industry.
Marsh Launches New Insurance Facility To Support Rapidly Developing Maritime Security Sector
Rapid market developments in the growing maritime security industry have led to increasingly divergent requirements that companies in the sector have of their insurance. To meet the needs of all market participants, Marsh, a global leader in insurance broking and risk management, today launches a new insurance facility that provides comprehensive insurance coverage for the Private Maritime Security Company (PMSC) industry.
Developed to support the requirements of the Security Association for the Maritime Industry (SAMI), Marsh’s new insurance facility meets the insurance recommendations stipulated by the International Maritime Organization (IMO) and is available exclusively to SAMI members. Marsh has created the facility with additional guidance from leading PMSCs, P&I Clubs, and insurance underwriters.
Marsh’s core package provides coverage across five fundamental areas of insurance: public liability; professional indemnity; maritime employers’ liability; employers’ liability, and personal accident. Additional insurance cover such as kidnap and ransom, hull and machinery, and enhanced limits of liability are available, depending on the risk appetite of individual organizations.
Nick Roscoe, a Managing Director in Marsh’s Global Marine Practice, said: “The insurance industry has failed to keep pace with the rapid development of the maritime security sector. Many policies have been ‘borrowed’ from other industries and knitted together to provide cover with little thought of PMSCs’ specific needs in mind.
“Marsh’s new facility addresses the common insurance requirements of all PMSCs with its core product, while lending itself to the personal growth ambitions of individual organizations with its additional services. By accessing Marsh’s facility, PMSCs can secure insurance provision that reassures their clients and supports the wider development of the industry as a competitive force in global maritime security.”
Peter Cook, Director and founder of SAMI, commented: “The private maritime security industry will play an increasingly important role in ensuring safety on the seas, filling the gap left by the anticipated reduction of many national naval fleets. Therefore, the establishment and adoption of the highest professional standards across the industry is paramount.
“Marsh has consulted with SAMI in the creation of this innovative new facility, which is capable of providing effective insurance protection to our members and giving ship owners the assurances they need.”
Marsh, a global leader in insurance broking and risk management, teams with its clients to define, design, and deliver innovative industry-specific solutions that help them protect their future and thrive. It has approximately 25,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. With 52,000 employees worldwide and annual revenue exceeding $10 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in human resource consulting and related services; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @Marsh_Inc.