As a result, the temptation to include marine exposure into property programs is sometimes overwhelming. However, this inclusion can have significant unforeseen consequences with, for example, requirements such as General Average, Salvage Charges payable in full or the ability to issue General average guarantees.
United Marine Assistance
United Marine assists its clients to navigate this maze, and also assists in putting together programs which will truly reflect the real exposures faced by the captive or risk manager. United will explain the terms where needed and assist in putting together proper programs.
The United Marine program was created in the mid-1970s as a facility to provide capacity to captives. Many of today’s reinsureds have been clients since that time.
United Marine Highlights
Established 1975, UIC is A.M. Best A- rated (stable).
Whether it is Cargo, Cargo Liability, Inland Marine, Blue or Brown Water Hull, Protection & Indemnity (P&I), Freight Forwarders, Terminal Operators, Stevedores, Port Authorities or similar, UIC will help analyze the risks and liabilities, and find the right structure for our clients.
UIC can put together standard Quota Share or XS reinsurances, stop losses and facultative support.
In certain cases, UIC can assist in partnering with top tier commercial marine insurance carriers in developing a captive program, issuing the insurance policy, handling claims, reinsuring to the captive and providing other services.
United’s Marine Capacity:
- Cargo – $20 million
- Hull – $20 million
- Marine Liabilities – $15 million
- Stock Throughput – $3 million
Most programs tend to have a recognized marine insurance provider issuing a policy of insurance to the parent organization (insured). The captive provides reinsurance to the issuing carrier and in turn purchases Quota Share or Layered reinsurance from UIC (and commercial markets). Those programs with a significant retention can expect to receive a substantial credit on their excess of loss pricing.
- Creativity and Flexibility: UIC has provided alternative risk transfer solutions to captives for more than 35 years. This experience enables us to propose and structure programs that best fit the individual client based upon their risk appetite and financial mass.
- Flexibility in program structure and design
- Long-term relationships that stabilize rates
- Significant limits offered on all Marine lines
- Underwriting and claims service with almost 30 years experience