Risk Management - Air & Sea Insurance Corp

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Our brokers take time to carefully understand your risk exposures and specific goals so that we can deliver insurance solutions tailored to your requirements with a personalized touch. Working in close partnership with each of our clients has always been the key to our success. The same team that designs, negotiates and implements your insurance plan will also be managing your service needs.

Risk assessment is an important step in the risk management process. Once risks have been identified and assessed by each client, the steps to properly deal with these risks are more difficult. Please remember that failure to disclose any material facts to Insurers can result in loss of cover. Examples of material facts could be any change in trading areas, type of cargoes, flag state, classification society, type of use, disclosure of any claims you may have made in the past, etc.

When approaching the Insurers, Air & Sea Insurance Corp. relies on your company risk presentation, the insurance application and all representations made by your professional team to us. The information concerning risk exposures and future changes in the circumstances should be accurate so we can understand your demands and needs for insurance cover. Insurance underwriters will decide on accepting or not your risk depending on the information you have provided. It is also important that you understand the type of cover being offered. Where we cannot meet all your demands and insuring needs, please contact our office in writing immediately.

To ensure that we have correctly understood your needs for insurance cover, please read the contract of insurance and all communications through very carefully and ensure that they are accurate and correct. All insuring clauses, when not provided in the contract of insurance, are always available in our office for your perusal. If there is any incorrect information, gap of cover, change in any circumstance, risk situation or if we have failed to record one of your needs, please let us know immediately.

By assisting clients to manage their own risks, we work together to prevent future losses and achieve better coverage to their exposures.

Risk Management for Ship-owners and Operators:

• Complied with the International Maritime Organization (IMO) regulations.

• Compliance with the Classification Society and State Flag requirements.

• Pay attention to the State regulations/local laws affecting your trading area.

• Prepare both vessel and crew for the Port State Control inspections, especially Coast Guards boarding.

• Maintain Hull & Machinery insurance at all times.

• Complied with the insurance Surveyor recommendations immediately.

• Maintain Protection & Indemnity (P&I) cover in force at all times.

• COFR (Certificate of Financial Responsibility) is to be renewed every 3 years for all vessel over 300 GRT trading within U.S. waters; but the U.S. Water Pollution insurance is only valid for a period of up to 12 months.

• Make sure that the limit of liabilities of your P&I policies is sufficient for the type of cargoes and ship’s operations you are engaged in.

• Develop a Pollution Prevention Plan and implement Response Manuals.

• Conduct training for your crew and perform regular drills.

• Complied with the International Ship and Port Security (ISPS) Code, SOLAS and MARPOL.

• Get familiarized with the International Convention for the Control and Management of Ship’s Ballast Water and Sediments (BWM Convention) adopted in February 2004.

• For tanker carrying more than 2,000 tons of crude oil, have the Blue Card on board in compliance with the Civil Liability Convention (CLC) 1992.

• Complied with The Bunker’s Convention for all vessel over 1,000 GRT.

• Have the list of local P&I correspondents printed on board.

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