GARD, one of the best known names in the Marine Insurance business globally, organised a seminar on 24th August 2016 at Mumbai. The seminar was very well attended by stalwarts of the industry.
Mr. Sven Jensen, Senior Underwriter, Gard Singapore welcomed the stalwarts of the maritime industry. He gave a brief introduction to the audience about GARD, the biggest P&I Club in the world. Mr. Sven Jensen looks after GARD’s offshore & chartering activities in Asia. In his inaugural address he said “We are going through challenging times. We maintain the mutual approach to insurance, and strive to provide first class service throughout our product range, which is second to none. We strive to be partners with our clients. Our core purpose is to help our Members and Clients to manage risk and its consequences”.
During the introduction, it was indeed impressive to note that GARD P&I Club covers around 18% of the world’s fleet in terms of gross tonnage for P&I , and GARD Marine & Energy covers about 4-5%share of global Hull & Machinery insurance of ocean going vessels. In spite of going through these challenging times GARD has been able to achieve a surplus of 85 million USD for the recent 2015/16 financial year. This enables GARD to maintain a stable and predictable premium level policy. It also enables GARD P&I Club to pay a mutual dividend to its ship owning mutual members. Where the premium income exceeds the liabilities and costs of running the Club, GARD is aiming to return a proportion of the surplus to the Members. Over the past 7 years GARD has managed to reduce the premium for its members by 273 million US Dollars.
Issues which are extremely relevant in today’s marine business were addressed by experts from GARD.
Craig Johnston, Senior Lawyer, addressed the gathering on “Keep calm and charter on- managing counterparty risk in a troubled market” His address also included recent incidents from the marine industry.
Terri Jay, Vice President, Gard Arendal touched upon “Time and voyage charterers-knowing your risks and identifying solutions”. The focus of her address was on “Comprehensive risk management strategy for charterers”. It was very interesting to note that several voyage charterers feel that they do not need insurance as they are voyage charterers or their counterparties are well reputed companies. She explained the need of risk management for charterers.
“Turning losses to lessons – Gard’s loss prevention approach”. This important topic was taken up by Mr. Kunal Pathak, Loss Prevention Executive. His address focussed on how GARD uses its past experience to reduce liabilities in future. Lessons learnt from the incidents are shared with the clients.
Source: Capt. V.N. Mishra/ TST NewsdeskPrevious Next