The Security Association for the Maritime Industry (SAMI) Facility

Insurance Facility for Members of the Security Association for the Maritime Industry (SAMI)

There are a number of competing interests in the complicated and rapidly developing field of Maritime Security. New start-ups are looking for affordability while established operators are becoming increasingly interested in setting insurance standards that underpin the credibility of the Private Maritime Security Company (PMSC) industry. The International Maritime Organisation (IMO) is seeking levels of insurance that shipowners can depend upon and the P&I clubs are advising their members both on what they should agree contractually and the limits of cover they should seek.

Marsh, in support of SAMI and with the help of a number of stakeholders, has developed a new insurance facility for PMSCs that will provide comprehensive bespoke coverage. The facility will help:

• Bring administrative simplicity to PMSCs, enabling them to spend more time on security. It will provide keener pricing as all participating PMSCs get the benefits of bulk buying. In addition to this, gaps between covers are reduced as the ‘adapted’ policies that are currently being used by brokers are replaced by a broad policy which has been designed for the very purpose.
• Shipowners with a  program of insurance of which they can be confident, without having to carry out extensive due diligence.
• Provide a best-practice standard insurance that meets regulatory guidelines and the minimum requirements of other key stakeholders in the maritime security world including shipowners, the IMO and P&I Clubs.
• Underwriters as it brings a spread of risk and administrative ease. Due to familiarity with a standard contract the underwriters get the benefit of reduced administration and also a spread of risk, which is why they are offering preferred rates to SAMI members.

SAMI is an Introducer Appointed Representative of Marsh Limited which is authorized and regulated by the Financial Conduct Authority for insurance mediation services only.