INSURANCE SHOULD be about preventing problems and not simply for paying up when things go wrong, says First Bowring marine manager Alexander Downie.
At the end of the day the client makes money selling his product, not through claiming insurance he says.
For this reason insurance should be seen as part of a risk management strategy and not as the only way to prevent financial loss.
He says the trend in the insurance industry is to move away from standard packages and produce tailor-made products for each client.
First Bowring assesses each new client carefully to draw up a risk profile, and determine where potential problems lie.
By concentrating on trouble spots, insurance premiums can be reduced by eliminating cover on superfluous areas.
Increasing rates is not the answer to risk management, Downie says. The main thing is to get to the root of the problem and dispose of it. Focusing on areas of concern can also lead to better management and logistics procedures that will lead to reduced losses.
Downie says using a reputable broker will ensure a client gets the best possible package for his needs. If the recquirements are particularly complex, First Bowring will arrange to bring the insurer and client together, to thrash out the technical details of the policy.
A client usually knows his own business backwards, but may not understand insurance. This is where a company like ours comes in, he says.
