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Marine Insurance Market and the Lessons Learned from Superstorm Sandy
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Marine Insurance Market and the Lessons Learned from Superstorm Sandy
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Marine Insurance Market and the Lessons Learned from Superstorm Sandy
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Proactive loss prevention: Identify exposure and develop strategies to avoid or minimize potential losses.
Reactive loss control: Analyze historical loss trends to address future vulnerabilities.
Communication: Develop an open line of communication with all involved parties including insurance
companies to enhance loss prevention efforts.
Almost as important as preparing for a hurricane are the steps taken after a storm if a boat or merchandise has sustained damage. Quick response can help to significantly reduce the severity of the loss. Responsible parties should:
To prevent the boat from causing damage to other boats or property; and consequently reduce legal liability
due to damage caused by the boat.
Depending on the unique situation of the boat owner, a hurricane preparation plan may include hauling the vessel,
trailering it to a safe location, securing it in its berth, or moving it to a Hurricane Hole. Some boat owner considerations when developing this plan include the following:
Trailing to a Safe Location:
Ensure that both the trailer and towing vehicle are in good operating condition. Check tire tread, tire pressure, tail and brake lights, electric brakes (if equipped) and that the wheel bearings are lubricated.
Pre-plan a safe destination, preferably on high ground and away from areas of storm surge. Pre-plan the
trailer ramps to be used, as well as alternates. Plan for a primary and alternate route to the destination.
Furthermore, it is always a good idea to negotiate a storage agreement in advance.
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If the boat is not being taken to an indoor hurricane-resistant structure, the trailered vessel should be
parked in a safe area, preferably away from trees and flimsy structures that might be toppled by wind. Remove all canvas, sails, electronics, and valuables. Place wooden blocks between the trailer frame and the
axle to allow for the additional weight of added ballast water and storm water. Secure the boat to the trailer
using suitable synthetic straps, then let about half of the air out of the tires. Depending upon the type of
boat, it may be beneficial to fill the bilge area with water ballast to help hold it in place. Be careful that the
water ballast does not submerge electrical or mechanical systems. Using heavy strapping or lines, secure
the boat to in-ground anchors, heavy objects, etc. It is best to secure the boat in all four directions as the
wind direction will shift during the storm.
If possible, it should be pre-arranged for the vessel to be hauled out, placed on blocks, and secured to the
ground with suitable lines and lashings. This is usually much safer for the vessel rather than remaining
afloat in its berth. Remove all canvas and store it away.
If the vessel must remain in its berth, check with the harbormaster for their requirements. Examine both the
vessels and the docks cleats, chocks and other mooring hardware to ensure that it is in good condition. Do
not leave the vessel on a boat lift as these are often unstable in storm conditions.
Keep additional mooring lines, fendering, backup batteries, and an additional anchor on hand.
When a storm is approaching, position the vessel away from directly alongside its berth, deploy the additional mooring lines, fendering, and anchors as needed. Use crossed spring lines fore and aft. It is very
important to protect all lines with chafing gear. If lines are secured to pilings, be sure that it is high on the
piling to allow for storm surge, and install preventers to stop lines from slipping over the tops of pilings.
Ensure that all batteries are fully charged in order to run the bilge pumps. It may also be prudent to install
a backup battery and bilge pump.
Many areas have protected waterway areas informally known as Hurricane Holes. Their location can
often be found by talking with knowledgeable boaters and marine professionals in the area. In many cases,
these are the best option for larger vessels that are unable to leave the area or be easily hauled out. Its
best to identify these areas in advance, all possible routes to get there, and potential obstructions such as
bridges, water depth, tides, etc.
Keep the fuel tanks topped off during the hurricane season. Ensure that fuel filters are clean, spares are on
hand, and that batteries are in good condition and charged.
Keep in mind that bridges may be kept closed by local authorities as part of their land hurricane evacuation
routes.
Pre-plan how the vessel will be moored or anchored. Purchase additional lines, anchors, fendering, etc. as
needed to safely moor or anchor in this location. If anchoring, set the anchor to minimize its swing radius,
particularly to avoid striking other vessels anchored nearby. Consider setting a stern anchor as well.
Remove all canvas and sails, store chairs, dinghies, and loose equipment.
If the vessel is being relocated to an area outside of the hurricane threat, make the move well ahead of the
storm, ensure adequate fuel and food for the crew, and closely monitor weather forecasts as storm tracks
can frequently change.
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Other Considerations:
Keep a folder with copies of all of the vessels documents and paperwork in a safe location off of the vessel.
This file should include copies of the insurance policy, USCG document or state registration, surveys, equipment lists, etc. Also keep a list of important telephone numbers, such as insurance agent, Harbormaster, U.S.
Coast Guard, etc.
The Hurricane Plan should be shared with a reliable person who can execute the plan in the event of the
owners absence.
If the vessel involves an absentee owner, the execution of the Hurricane Plan should be formalized with a
contract with competent marine professionals.
After the storm has passed, check the vessel as soon as it is safe to do so. If damage has occurred, take all
necessary steps to minimize or prevent further damage. Contact the insurance agent to report any damages
and to file a claim.
If theft or vandalism has occurred to the vessel, file a police report and note the case number.
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Communication chain activated at pre-determined risk points (3 day cone, 5 day cone, etc.) to alert designated stakeholders (logistics, production, insurance, etc.) to take pre-determined actions as required by
the plan, and
Pre-storm measures such as a port or storage site hurricane vulnerability study, developing and securing
plans for vulnerable cargo in place (i.e. wind turbine blades), pre-determining designated sites for evacuation or staging of cargo during a storm, etc.,
Evacuating cargo from affected ports (prioritized based on value, business critical nature, logistic assets
available, etc.), and
Additional protective measures for remaining cargo in place at the affected ports (move to higher ground,
additional securing, taping or removing vulnerable parts, etc.).
A pre-assembled recovery (or triage) team with the necessary credentials to access the affected port as
quickly as possible to assess status and determine disposition of affected cargo.
This team may consist of product experts to accurately identify condition, logistics personnel to coordinate
disposition of cargo, and claims surveyors to coordinate requirements with insurance carriers.
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Marine Insurance Market and the Lessons Learned from Superstorm Sandy
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Conclusion
NOTES:
1
Michael Buck, BestWeek, Update: Recreational Boat Loss Estimate at $650 Million
From Sandy; Might Be Larges Hit Recorded, (11/16/12)
6
Global Marine Insurance Agency, Hurricane Sandy Caused Record-Setting Boat
Damage,
http://www.globalmarineinsurance.com/2894/hurricane-sandy-boat-insurance-claims
7
Global Marine Insurance Agency, Hurricane Sandy Caused Record-Setting Boat
Damage,
http://www.globalmarineinsurance.com/2894/hurricane-sandy-boat-insurance-claims
8
Sandys impact on the marine insurance market has been unlike any other catastrophic event. A simultaneous combination of meteorological factors turned a relatively weak hurricane into a Superstorm affecting an enormous
chunk of the Eastern seaboard and as far inland as the Great Lakes. When all is said and done and marine insurers
wade through the ongoing wave of claims, determine what and how much coverage applies and settle impending
litigation, the overall losses will be staggering. But, with every disaster there are lessons to be learned, lessons that
will help to reduce the severity of future events. The question now for the marine market is what exactly are these
lessons? A few lessons are clear for example, every person or company with potential exposures should have a
hurricane preparedness plan and hurricane preparedness must fully account for storm surge as well as for wind.
For other lessons, only time will tell. The story is still unfolding, and many of the most valuable findings undoubtedly
are yet to be discovered.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. Products and services are written or provided by
subsidiaries or affiliates of American International Group, Inc. Not all products and services are available in every jurisdiction, and insurance
coverage is governed by actual policy language. Certain products and services may be provided by independent third parties. Insurance
products may be distributed through affiliated or unaffiliated entities. Certain property-casualty coverages may be provided by a surplus lines
insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.
02/13 2013 American International Group, Inc. All rights reserved.
Richard
Newman,
NorthJersey.
com, 16,000 vehicles damaged by
Sandy at NJ port, (November 13,
2012),
http://www.northjersey.com/
news/179089621_16_000_vehicles_damaged_by_Sandy_at_NJ_port.html
10
Star-Ledger (Newark, NJ), N.J. ports still
arent running at full steam, (12/2/12)
11
Fran MatsoLysiak, senior associate editor, BestWeek, Exposures at East Coast
Ports and Terminals Could rack Up Record Post-Sandy Supply Chain Losses,
(1/30/13)
12
AIG,
Loss
Control/Engineering,
h t t p : / / w w w. a i g . c o m / u s - c a r g o - i n s u r ance_295_182663.html
13
United States Power Squadron, Hurricane Preparedness for you Boat, http://
www.usps.org/localusps/marblehead/PDF/
Preparing-for-a-storm.pdf
14
Global Marine Insurance Agency, Hurricane Sandy Caused Record-Setting Boat
Damage,
http://www.globalmarineinsurance.com/2894/hurricane-sandy-boat-insurance-claims
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