Marine Cargo: Automotive—Ocean Marine, Stock and Inland Distribution
Published: 25-Jun- 2012 | Product Category: Other
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The Marine Practice of Marsh plays an important role in the marine insurance marketplace, working on behalf of the automotive industry on coverage placements for marine cargo, stock and car compound and/or open lot risks, and inland distribution. These insurance programs are structured as either standalone or package policies.
With many years of experience in structuring, marketing, and placing insurance programs, Marsh brings customized risk management advice and solutions to our motor vehicle clients in an industry that has seen significant change in recent years.
Through a collaborative approach and with our understanding of the issues affecting the automotive marketplace and the insurance industry, Marsh is able to offer solutions that address our clients’ concerns. We can provide advice on automotive transportation issues, such as necessary changes to the contractual obligations with logistics providers. We analyze risk exposures, and of course, we are able to offer benchmarking expertise.
Marsh offers both local and global service. Through our extensive marketing capabilities, we are able to secure competitive terms from all insurance markets available on a fully global basis. For our larger automotive clients, these capabilities can also be critical to securing the high limits required for large, complex risks.
The changes in global weather patterns and the resulting increase in losses from hail, flood, windstorm and more recently earthquake and tsunami have undoubtedly presented significant challenges within the automotive market. Increasingly, automotive companies are being placed in a greatly contracted but specialized insurance market.
With the globalization of manufacturing—the introduction of just-in-time production and the continued outsourcing of logistics to third parties —movement of cargo has perhaps seen more change and challenge than any other business line within the motor vehicle world. With the property insurance market requiring increases in premiums and retentions, it is vital that we review our clients’ exposures fully and advise them on the most suitable insurance markets available in order to enable their complex risks to be insured in a cost efficient manner.
The dedicated claims specialists at Marsh work closely with the client executives to ensure a prompt and efficient response to all claims problems. Placement of the coverage with insurers that specialize in automotive risks and that have a clear understanding of the industry also assists the claims process. In addition, RECLAIM Consulting Services—a trading name of Marsh Ltd.—has the specialist skills and expertise to provide a broad range of claims-adjusting, claims-management, and recovery services, all of which have the potential to help clients reduce their bottom line financial losses.
Despite a contracting insurance market, Marsh has extensive access to global insurance markets that can provide increased capacity and, perhaps more importantly, create much needed competition. It also allows us to work with our insurance markets to “cut and paste” insurers’ collective capacity so that the traditional marine and property insurance markets are used effectively, either for pricing or for capacity.
Placement of stock-throughput coverage: Stock-throughput protection is designed to provide competitive global total cost of risk (TCOR) while freeing up property capacity and creating additional capacity within the marine insurance market. The advantage of this type of marine insurance placement over a traditional property insurance placement includes the availability of additional aggregate capacity and lower deductibles for catastrophe perils.
Marshcargo.com: Our complete online policy management system is always available to you at www.marshcargo.com.
Claims expertise: We offer dedicated claims management services before, during, and after a loss, as well as during the contract review stage prior to commencement of shipments.
Benchmarking: Our industry-specific client benchmarking data is available on a global basis.
RECLAIM: RECLAIM Consulting Services—a trading name of Marsh Ltd.—has the specialist skills and expertise to provide a broad range of claims-adjusting, claims management, and recovery services, all of which have the potential to help clients reduce their bottom line financial losses.
Loss control: The professionals of Marsh coordinate global loss-control resources.
Knowledge sharing: We facilitate client roundtables, advisory councils, and seminars.
Team approach: Marsh not only promotes a team-based approach to account servicing, but also offers a distinctively diverse knowledge base across industries through more than 200 global marine cargo brokers.
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