Simpler Marine Assurance

Marine Assurance is the application of marine skills, knowledge and processes to reduce the risk from marine activity.

Recent events have highlighted the importance of Marine Assurance.  Marine  Assurance aims to deliver the following to the energy company:-
  1. Corporate Social Responsibility
  2. Protection of Assets and People 
  3. Preservation of licence to operate
  4. Protection against litigation
Marine Assurance has developed over the last thirty years from its roots in the tanker sector to cover a wider range of marine activity including offshore operations and inland waterways.  Most if not all oil majors have a comprehensive marine assurance programme that covers all marine activities.

One of the unfortunate truths of Marine Assurance is that it reduces the risk to those who have robust marine assurance systems while those who do not have such a system become more exposed to contractors of doubtful quality.  So not having a Marine Assurance system may not just leave the operator exposed to a market level of risk but to higher risk.

As Marine Assurance has developed it has increased in complexity and, if set up incorrectly, a marine assurance system can seriously limit business without resulting in an equivalent  reduction of risk.  A booklet on Marine Assurance is included below

MOAMS, with experience of ship vetting and marine assurance is ideally placed to help you set up your Marine Assurance system, review your existing system or carry our routine health checks on the system.

martin shaw,
1 Jun 2013, 03:49