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INTERNATIONAL MARINE CLAIMS CONFERENCE PORTMARNOCK, IRELAND

Insights on the Australian marine claims market practices and procedures, including players, resources, and handling of maritime incidents. Learn about the roles of surveyors, legal advisers, loss adjusters, and brokers in claim settlements.

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INTERNATIONAL MARINE CLAIMS CONFERENCE PORTMARNOCK, IRELAND

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  1. INTERNATIONAL MARINE CLAIMS CONFERENCEPORTMARNOCK, IRELAND MARKET PRACTICES – CLAIMS (AUSTRALIA) John Dawes National Manager, Marine Claims Allianz Australia Insurance Ltd. 30th September, 2004

  2. Australian Market- Composite submission- Declining incidence of co-insurance- Small number of players- Smaller number of recognised Leads- Relatively strong capacity A$100m+ (Euro 60m)- Loss of clients to overseas markets - Australian rates strong - Soft o/s ratings

  3. AUSTRALIA- Coastline of over 12,000 miles (20,000 klms)- Handful of Major Repairers- Limited slipway/drydock capacity- 1 Major salvor- Availability of Surveyors

  4. Initial Advice of Casualty - Normally by owner’s/insured’s broker to Lead - Occasionally by - Insured directly - Prospective surveyors/salvors - Shipping industry contacts - By phone, followed by email/fax confirmation

  5. Leader’s Response - Consultation if joint leads ( if no prior agreement) - Prompt appointment of surveyor - Assist/advise insured re possible repair facilities, appointment of surveyors/salvors etc.After Hours Assistance - Majority Claims Managers contactable 24/7 - Brokers have A.H. contact numbers (Mobile/home) - Companies have 24hr assistance lines - Responsibility of Owners to act as “prudent uninsureds”

  6. Selection of Surveyor - Responsibility of Lead - Common panels between major leads - Priorities governing appointment: 1) Expertise 2) Professionalism 3) Location – Response time 4) Cost - Appointment of surveyor by Insured rare in non- contentious claims unless only to act as superintendent re repairs.

  7. Instructions to Surveyor - Primary concerns of Lead are causation and quantum. - Report on above as soon as possible - Extent of any necessary repairs - available facilities (slipways/repair yards) - assistance required (salvors etc) - All actions/advice given to be on “WP” basis - Usually given policy details, but are not to comment on indemnity unless specifically requested to do so by Lead only. - Customary to have Service Agreements in place - Terms of engagement - Compliance requirements - Fee structure

  8. Legal Advisers - Appointment by Insured - Unusual re non-contentious matters - Possible if prospect of recovering non - insured amounts from t/p (eg Amounts below deductible) - Appointment by Lead - Selection - “Horses for Courses” - Individual practitioner rather than firm - Priorities - Similar to surveyors - Expertise re advice required - Availability - Absence of conflict of interest - Locale - Cost

  9. Legal (cont.)Instructions. - Specific and generally in writing - Claim is under control of Lead, not Legal AdvisersService Agreements. - Majority of Insurers have these in place - Terms of engagement - Service standards - Fee structure Expenses. - Normally no budget limits set - Estimates obtained prior engagement - Monitored as scope of instructions varies

  10. Loss Adjusters (as distinct from surveyors) - If appointed by Owners, quickly known by Insurers due to limited number of local alternatives - Little contact (if any) with Insurers prior to receipt of POA or full Adjustment - If appointed by Lead, ongoing dialogue. - Some Australian leads are relying more on “in house” expertise – ex adjusting personnel - Not fully accepted by all insurers

  11. Brokers Role. - Varies from almost “zero” to “extreme” - Expected Responsibilities - Initial notification to Lead - Collection/submission of Owner’s claim documentation to Lead - Obtaining owner’s agreement re settlement - Facilitating collection of claim monies - settlement funds from co-ins to Owner - co-ins proportion of fees paid by Lead - Various degrees of professionalism

  12. Reserving. - Based on reports from surveyors/adjusters re extent of repairs required & costs - Fees – Based on experienced estimate of anticipated level of involvement - Generally conservative and accurate – minimal IBNER movement - Trust in leaderLiaison with P&I Club - Rare unless potential common savings - Reduced involvement of Clubs with smaller tonnage - Liabilities underwritten by H&M insurers

  13. Counter Guarantees - Original Guarantees signed by Lead on behalf of all co-ins - Counter Guarantees normally obtained by LeadPayment of Claims - To insured via Broker - Broker’s role to collect from co-insCentral Accounting System - NoneMarket Protocol - None specific to Marine Claims - Insurance Council of Australia (ICA) - General Insurance Code of Practice - Standards / Sanctions

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