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JLJ launches SAGA – Nautilus/Zing

Press Release

 Astra Insurance Company, Romania

JLJ Maritime S.A., Athens

Qatar Re, Zurich 

A Unique Combination created for a niche but significant sector of the shipping market 

Will offer “seasoned approach for seasoned vessels”

Two new regional All Risk H&M Insurance facilities:

“Zing” – for Asian tonnage &

“Nautilus” – for Greek/ Mediterranean tonnage.

The World’s fleet divided between vessels built prior to 1993 and subsequent are some 38,000 (48%) and 41,000 (52%) respectively.

Asian controlled tonnage represents some 40% of the Worlds fleet whilst Greek controlled tonnage represents 40% of European tonnage. 

It is a truism that older cars which are properly maintained, serviced and driven with care will produce fewer accidents than a brand new sports car driven by an uncaring, unthinking young driver. The same maybe said for ships.

Whilst it is true newer vessels generally experience a lower incidence of loss, than older vessels, at the same time, newer vessels have both substantially higher sums insured but with currently extremely modest rates. Newer vessels when they experience casualties result in costly repairs or claims as witnessed by MV Costa Concordia. Therefore, we expect this sector will produce better risk/reward ratios due to the combination of underwriting factors coupled with pro-active claims management.

Strong & Complementary Team: Astra Insurance Company, Qatar Re and JLJ Maritime. 

Astra is the leading insurance company in Romania and have a strong highly experienced marine department. 

Qatar Re, Zurich, is part of the Qatar Insurance Corporation and is A rated by S&P, they offer their significant backing to the project giving further confidence to policyholders, their banks and brokers. 

The JLJ Maritime team and brand is extremely well recognised and respected in the marine insurance world for over 40 years with a team who has a reputation for innovative and successful ideas.

The Conditions distinctively are  All Risk and based on the International Hull Clauses .

A unique questionnaire aimed at better understanding the ethos of the Management has been drafted to help with a positive pro-active approach to claims which will strongly promote alternative dispute resolution. 

Significantly, it is recognised the role brokers’ play is extremely important. Brokers will therefore be encouraged who can demonstrate a keen appreciation of the facilities and who have an experienced claims team.

The regional policy approach is geared to optimising regionally available knowledge, expertise, with regard to business production, surveying and claims handling. The regional facilities will develop strong relations with local  surveyors, salvors, and ship repair yards – to source class approved reconditioned parts, if applicable, will  further keep a  control on the cost of repairs.  This highly important area is a strong feature of the benefit of the variety of skills available to the venture. 

A comprehensive and standard Survey Report has been developed. Uniquely if insurances are affected, then the cost of the survey will be paid for by the underwriters.

Surveyors will be encouraged to use thermography as part of the risk management procedures to further eliminate any dispute regarding wear & tear.

Discussions will take place regarding appointing a dedicated Salvage facility which will be on LOF. The outcome of the salvage will be agreed by salvors and underwriters to mutual satisfaction, aimed at both reducing costly arbitration and the time taken.

Proactive Control of claims is considered highly desirable to give an efficient service to not only the Assureds but to ensure a positive outcome for the underwriters and their reinsurers. 

 

Please view the press release here