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PVA Insurance Program

PVA Insurance Program. “Accentuating the Positive” Great Lakes/Original Colonies Meeting 2007. Agenda. PVA Operators Impacting the Strength of the Program Examples What are you doing right? Result of your efforts. PVA Members Impacting the Strength of the Program.

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PVA Insurance Program

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  1. PVA Insurance Program “Accentuating the Positive” Great Lakes/Original Colonies Meeting 2007

  2. Agenda • PVA Operators Impacting the Strength of the Program • Examples • What are you doing right? • Result of your efforts

  3. PVA Members Impacting the Strength of the Program • Actively Involved in Claims • Handling as if “Not Insured” • Reducing the Amount of Claim • Assisting in Subrogation • Using the PVA Tools • Result: Better Loss Experience and Stable PVA Insurance Program

  4. Shipyard dropped vessel: • Immediate recovery from shipyard • Minimum Impact on own Loss Record • Position of Control • Acted as if not insured • Reduced Overall Hull Loss Impact of PVA Insurance Program • Loss of Earnings Cover

  5. Vessel Hit Dock Injuring Several • Vessel lost power and assured acted quickly with Ace Insurance • Assured offered payment for medical expenses and was very attentive • Settled all claims for less than $500 Result: • Minimum impact on loss record • Bonus: Customers had positive experience

  6. Engine Fire • PVA Member Acted quickly to minimize injuries – High safety standards • Ace advanced $$ to Shipyard to accelerate repairs • Loss of Earnings paid to minimize revenue hit • Steady communication between PVA member, Ace and Aon

  7. Result: • NTSB and USCG commended crew and company • Positioned to subrogate against repair company • Aggressive Subrogation effort will reduce loss

  8. What are you doing right? • Using the tools provided by your Safety and Loss Control Committee • Preventive Maintenance Manual • Safety Calendar • Risk Guide – Assessing your exposure • Streamlined Inspection Program • PVA Fire Fighting Guide • Crew Training • Line Handling

  9. What are you doing right? • Better Underwriting Information • Understanding your coverage to make an informed decision • Not buying just on price • Building relationship with the PVA Insurance Partners

  10. An Excellent Program! • Strong, Stable PVA Insurance Program • P&I losses reduced by almost 30% over last year • Hull losses at around 70% this year • Reduced claim experience = Commitment from Ace as PVA Insurance Company

  11. An Excellent Program! • Ace has improved coverage and now can write non-marine in a seamless fashion • Loyalty to the program results in lower dues and continued benefits through PVA • Using PVA safety and training manuals

  12. Thank you for our 12 year partnership!

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