HOW TO AVOID MARINE INSURANCE PROBLEMS

Choose an insurance broker who is competent enough.
Choose a broker that can answer for its faults.
Do not wait until the last moment to purchase your insurance
Be cautious of giving any kind of records to the broker.
Make a clear contract between you and the broker.
Obtain good underwriters on your policy. This would clearly mean perfect scrutiny of your policy

Take a look at who your insurance companies will be.

Look for the following in a broker.
1. How long is the broker selling marine insurance? (Past history)
2. Does it have audited financial statements and clear accounting.
3. How big is the company?
4. Beware of Reinsurance!
5. What other hulls is the insurance company insuring?
6. Have the principals in the company been involved any fraud or failure previously? (Like failed to pay or process claims)
7. Be cautious of very cheap rates. There might be areas where benefits might have been compromised.

You should have choices of only top insurance companies no matter how competitive the premiums are.

Read your policy warranties and endorsements, and comply with them, before you make a decision.

Be sure to have your original signed policy.

Don't buy insurance by price alone, instead looks at the areas of cover.
Be accurate and tell your insurance broker the truth, do not hide any information like past claims history.
Pay your insurance premiums on time so that there is no lapse in the policy.
Avoid foreign law and jurisdiction clauses. It will just create confusions.
Be sure you have coverage you are required to carry by law.
Buy p&i for your vessel crewmen and processors also.
Get enough insurance, don’t just insure for the sake of insurance because when it comes to premiums people what to pay the least but when it comes to claims everyone wants the maximum payout.

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