Marine SalvageType: Commercial
We often deal with companies who are “blazing a trail” in their field. We have one customer who, after many years of research & development, perfected a water treatment process that was efficient, cost effective and portable.
The forward-thinking directors teamed up with a marine expert to explore potential salvage contracts; their treatment unit can be transported to any site onshore or offshore to separate contaminates from water very precisely.
The insurance difficulty was that our client had no track record and was competing with long established multi-nationals.
We overcame this difficulty by immersing ourselves in the product. We swotted up on the science, gathered industry data and examined the risk assessments and contracts in fine detail.
Suitably armed, we pitched the enquiry to a single Lloyd’s syndicate and explained the risk in fine detail. We secured liability cover and the all-important environmental impairment cover to a limit of $30 million USD.
For a new start-up this was a coup and there were only a handful of insurers in the world capable of writing the risk. We find that our hard work and attention to detail is appreciated by underwriters and that we can get results where many others would fail.