What are the main concerns of the P&I Clubs today?
National government interest in environmental and security concerns have continued to gather momentum.
These are certain to result in increased responsibilities for shipowners and will affect the cost of claims that Clubs are going to be expected to cover.
Threats from terrorism remain real and ever present.
Routine P&I claims are becoming more expensive particularly when damage to the environment or loss of life and personal injury are involved.
Sub-standard ships and their operators form another important risk factor.
ISS P&I Correspondents face the future with confidence.
The reason ISS faces the future with confidence is due to the years of experience our people have accumulated.
Our claims handlers know and understand insurance and reinsurance of shipowners’ P&I indemnity risks.
They also understand freight, demurrage and defence risks.
So Class 1 and Class 2 risks are covered.
What makes the difference is that ISS believes in having a good working relationship with both the Shipowners and with the P&I Clubs who cover them.
Understanding what drives a Principal’s business as well as keeping up with what is going on in the P&I Clubs’ world really does make the essential difference.
Finally, in the event that a Letter of Undertaking is demanded by a local party we can arrange this too, so that both P&I Club and Shipowner can have the time needed to consider their next step in a particular claim case.
ISS has made it a priority to meet the requirements of the future.
Despite the changing times, ISS is always committed to meeting and exceeding markets requirements, as we have always done in the past.
This is why we maintain the trust of both the P&I Clubs and their members.
