(800) 666-5692A Day in the Life of Underwriting Marine Business
Posted in Professional Development
Author: Amy Fritz
My journey in insurance began in the most unexpected place: the mailroom of a carrier's claims department. I initially saw it as a temporary stop, but witnessing firsthand how claims adjusters helped people recover from unforeseen events completely changed my perspective.
Instead of the dramatic portrayals in commercials by personal injury attorneys, I observed genuine care and a commitment to assisting policyholders. This experience ignited my passion for the industry, and I quickly transitioned into a claims role, eventually handling a diverse range of personal lines and inland marine claims.
A Day in the Life of Underwriting Marine Business
Now my days of underwriting marine-related risks are a mix of planning and problem-solving. One of JM Wilson’s core values is “Customer Focused” and a facet of that is timely responses and quick turnaround. I start by reviewing new submissions, outstanding requests, and upcoming renewals. While the desire to dive immediately into tasks is strong, I understand the importance of prioritizing and collaborating with my team to create a daily roadmap.
A Day in the Life of Underwriting Marine Business
Now my days of underwriting marine-related risks are a mix of planning and problem-solving. One of JM Wilson’s core values is “Customer Focused” and a facet of that is timely responses and quick turnaround. I start by reviewing new submissions, outstanding requests, and upcoming renewals. While the desire to dive immediately into tasks is strong, I understand the importance of prioritizing and collaborating with my team to create a daily roadmap.
Flexibility is key, as unforeseen situations often arise, requiring us to adapt and adjust our plans accordingly. We see submissions in our Target Classes every day that will typically fit with one of our markets. Some of our most successful classes have been marine artisans and commercial watercraft and we’ve written some more unique risks, such as a manufacturer of floating campers. That was a new one!
The Gratification of Finding Solutions
In many regions, the demand for Commercial Marine Insurance is less prevalent, leaving clients struggling to find suitable coverage. I find it particularly satisfying to secure coverage for previously underinsured or uninsured accounts, especially when agents express their clients' initial difficulties in finding suitable solutions. Receiving a bind order for these challenging cases reinforces the value of my efforts and confirms that I've found a winning solution for all parties involved.
The Gratification of Finding Solutions
In many regions, the demand for Commercial Marine Insurance is less prevalent, leaving clients struggling to find suitable coverage. I find it particularly satisfying to secure coverage for previously underinsured or uninsured accounts, especially when agents express their clients' initial difficulties in finding suitable solutions. Receiving a bind order for these challenging cases reinforces the value of my efforts and confirms that I've found a winning solution for all parties involved.
A Valuable Perspective
My claims experience background profoundly influences my underwriting approach. I've witnessed firsthand the critical role of adequate insurance coverage in mitigating losses and the devastating consequences of underinsurance. This knowledge drives me to proactively identify potential exposures and inquire if additional coverage options need to be quoted.
Streamlining the Process for Agents
I understand the importance of efficiency and strive to minimize unnecessary paperwork. We represent multiple carriers with varying appetites for certain risks and their own applications. I encourage my agents to call me to discuss a risk so that I can provide the application best suited for quoting. There could still be situations where we quote from one carrier’s application but need another to bind, and open communication up front can lessen those instances.
Helpful Tips for Agents Seeking Marine Coverage
- Garage Coverage for Marine Risks: I often see requests for garage coverage on commercial marine risks. For clients involved in marine-related activities like boat cleaning, detailing, or waste removal, consider Ship Repairer's Legal Liability (SRLL) or Marina Operator's Legal Liability (MOLL) coverage instead of traditional garage insurance. These coverages address the "Care, Custody & Control" exposure typically covered by garage policies.
- Hull Coverage vs. Protection & Indemnity: It is common for me to receive requests to quote Hull-only (physical damage) for marine contractor work boats. These are typically heavy-duty work boats that are either self-propelled or slow-moving which are only operated by their owners and whose need for Protection & Indemnity (watercraft liability) coverage is overlooked. The same features that make these workboats strong enough to handle the tools and equipment that a marine contractor requires can often make them more difficult (and therefore costly) to remove from the water if the worst happens and they sink. Wreck removal coverage comes from the boat’s Protection & Indemnity coverage, not from the Hull coverage, so it’s important to consider even if the contractor won’t be operating the vessel in an area or manner in which collisions are more likely to occur.
By leveraging my claims experience and fostering open communication with agents, I can effectively serve the marine insurance needs of our agents and their clients.
Disclaimer: This blog post is for informational purposes only and does not constitute financial, investment, or other professional advice.