Marine Insurance
International Insurance and Reinsurance markets were born out of Marine Insurance, Lloyd’s developed over the years as a market-place for the insurance of ships and their cargoes. Indeed every class of insurance business developed from marine insurance.
Today, ocean going vessels and the cargo they carry represent great concentration of values, and frequently demand the participation by more than one insurer and reinsurers across international frontiers.
Today, ocean going vessels and the cargo they carry represent great concentration of values, and frequently demand the participation by more than one insurer and reinsurers across international frontiers.
Hull
Ocean going vessels vary in size from the small regional merchant vessels to super tankers capable of carrying millions of litres of oil over continents. A significant expense of any ship owner or operator is Insurance, Risk Watch assists clients to locate the right terms for the coverage of their risks.
Though the cost of cover is important, the scope and structure of coverage and continuity of markets are however of greater importance. We keep a close watch on International Marine Laws and Procedures.
Though the cost of cover is important, the scope and structure of coverage and continuity of markets are however of greater importance. We keep a close watch on International Marine Laws and Procedures.
Liability
In all classes of Insurance, liability is a major focus of concern for clients, brokers and underwriters alike; the costs of settlement are rising constantly and the sources of exposure are widening.
There are marine liabilities to shipbuilders, ship owners, customers, passengers and crew, liabilities towards general third parties such as those arising out of collision, pollution and removal of wrecks.
There are marine liabilities to shipbuilders, ship owners, customers, passengers and crew, liabilities towards general third parties such as those arising out of collision, pollution and removal of wrecks.
Cargo
Cargo Insurance is dominated by containers at this time, therefore, loss by physical damage is greatly minimized. However, there is still a sizable amount of risk exposure. Risk Watch works closely with Cargo Surveyors because risk control and risk reduction are the priorities in this area.
Nigerian Law requires that all inwards Cargo be insured in the domestic market, therefore this is quite a large proportion of the Marine Business placed in this market.
Nigerian Law requires that all inwards Cargo be insured in the domestic market, therefore this is quite a large proportion of the Marine Business placed in this market.
Aviation Insurance
Aviation insurance represents one of the highest areas of risk exposure in terms of the value of aircrafts, third party liability and the frequency of exposure. Aircraft Manufacturers, Airlines of various sizes, General Aviation Services operator, Airport Operators and Aerospace Manufacturers are at risk every minute of every day.
Risk Watch works closely with international underwriters through our associates in Britain and South Africa to assist in the growth of this highly specialised class of insurance business in order to develop market capacity and skills necessary to underwrite aviation business in Africa. In this way, Risk Watch can provide our clients with the stability and continuity of protection needed for this sort of risk with its enormous values and vulnerability to catastrophic loss.
The services of Risk Watch is available to various players in the aviation market, namely:
• Single aircraft owners/operators
• Airline Fleet
• Air Cargo Operators
• Airport and Airfield Operators
• Aircraft Refueling Companies
• Repair and Maintenance Specialists
Risk Watch works closely with international underwriters through our associates in Britain and South Africa to assist in the growth of this highly specialised class of insurance business in order to develop market capacity and skills necessary to underwrite aviation business in Africa. In this way, Risk Watch can provide our clients with the stability and continuity of protection needed for this sort of risk with its enormous values and vulnerability to catastrophic loss.
The services of Risk Watch is available to various players in the aviation market, namely:
• Single aircraft owners/operators
• Airline Fleet
• Air Cargo Operators
• Airport and Airfield Operators
• Aircraft Refueling Companies
• Repair and Maintenance Specialists