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Navigating the ocean marine insurance market

AS U.S. domiciled companies increasingly do business abroad, more agents and brokers are discovering a need to expand their customary product offering beyond property and liability insurance to the oldest line of all: marine insurance. In particular,

By staff Writer | Updated on September 30, 2004

AS U.S. domiciled companies increasingly do business abroad, more agents and brokers are discovering a need to expand their customary product offering beyond property and liability insurance to the oldest line of all: marine insurance. In particular, for clients who ship a significant volume of commodities or finished products abroad, producers may need to develop more than a passing acquaintance with ocean cargo insurance.

When it comes to marine insurance, I suppose I’m an old hand. I’ve been involved in the line since starting my career in 1982 and today am the director of the marine department at Dewitt Stern Imperatore. The department has a staff of 10 and recently opened an office in Piraeus, Greece, the site of a major shipping center. Indeed, one of the aspects of marine insurance that I like best is its international scope. Brokers are not limited to dealing with just domestic insurers.

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