At a time when operational excellence is critical, choosing the right marine carrier partner is more important than ever. Use these five questions to help identify the best partner for you.
In a world of ever-evolving risk, marine coverage is an essential part of any insurance program. Why? There are numerous situations where standard property policies may not provide the specialized coverage or increased limits needed for proper protection.
This may include owning specialized property, working at offsite locations, storing inventory off-premises, or transporting products for customers. The truth is the majority of businesses need some type of marine coverage to address such risks.
What to Look for in a Carrier
Independent agents are strategically selecting marine carrier partnerships that empower them to be more efficient—at a time when operational excellence is more critical than ever—and help maximize protection for their clients.
The best independent agents align with carriers that offer:
1) A broad range of specialized marine capabilities. When a carrier's marine product portfolio offers solutions that are a natural complement to its standard industry offerings, agents can seamlessly provide both standard property and specialized marine coverage for a broad range of risk exposures with a single carrier. This yields operational efficiency for the agent and a higher level of customer service for the client with a single bill, a single carrier contact, coordinated loss control activities, and policy language designed to complement and consistently integrate with other policies offered by the carrier.
Many agents also look for carriers with diverse product portfolios that respond to a wide variety of marine risks, from specialized property and goods in transit by air, land or sea, to buildings and structures under construction.
2) Online solutions. As risks continue to evolve and financial pressures are at a peak, speed and efficiency are must-haves for any independent agent. Online platforms that enable agents to rate, quote, bind and issue marine coverage simplify the insurance transaction, while allowing the agent to improve customer service and deliver cost efficiency.
3) Program capabilities. Programs can be an exciting business opportunity for an agency. Leading marine carriers have the deep knowledge and expertise needed to write truly unique marine risks. These carriers can offer access to customized coverage and terms through existing programs or can partner with an agency to build custom programs for a variety of groups with similar coverage needs.
4) Technology for clients' risk management efforts. The best marine carriers provide technical and specialized tools to help policyholders best manage risk. That means a commitment to innovation and keeping up with the latest technologies.
Look for carriers that offer drone surveys for aerial risk evaluation, smart sensors to detect leaks or freezing conditions on construction sites, telematics for high-value assets and more.
5) A dedicated marine claims team. Marine is a complex and intricate business and its claims should be treated as such. Look for carriers that offer a dedicated unit of marine claims professionals who have a significant level of knowledge and expertise. The highly specialized nature of marine products means it takes equally specialized claims professionals to handle such claims quickly and accurately.
Elevating the Insurance Experience for Agents and Customers
Partnering with a carrier like The Hanover, a top-10 marine writer, can give independent agents a distinct advantage in the marine marketplace, providing access to:
- A broad product portfolio and specialized coverages, including program capabilities.
- Expert marine underwriters who partner with agents to understand a client's various exposures and help develop tailored solutions.
- Online quote and issue capabilities that make it easier to underwrite, rate and issue builders risk and contractor's equipment policies efficiently.
- A team of specialized claims professionals focused solely on marine claims
With the right carrier partnerships, agents can offer their clients great marine protection that helps ensure the continuation and sustainability of their businesses, while reinforcing an agency's value.
For more information about The Hanover's marine offerings, visit Agent Solutions.
Tony DiMarzo is president, marine, at The Hanover Insurance Group Inc.
All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website.