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Early involvement
14 May 2008
Ports should get their insurance broker involved at the earliest possible stage of a major project, says specialist Marsh. “Every risk is unique when it comes to ports and we need to go through the project with our clients to get an in-depth understanding of what they are doing and how they are doing it – so we can design the best insurance programme possible,” says the firm's Antonia Simpson.
“Obviously the more time you have got for collating and evaluating insurance needs, the better.”
“Unfortunately, insurance can be quite last-minute. But it is invaluable if the brokers can get involved with clients right at the beginning of the contractual negotiations – to make sure the contract reflects the insurance programme to be arranged. So ideally we like to get involved six or even 12 months before, at the point where the contract is being negotiated, because obviously this does have a knock-on effect on the insurance.”
