Losses in the marine industry can be unpredictable, and it’s just not possible to prevent all potential losses. However, in the months after a serious hurricane loss, it’s wise for marine policyholders to use that experience to work toward a better and more efficient experience in the future. Here are a few steps you can take to develop a better loss mitigation plan in the event of future hurricanes and weather events:
- Take a good look at past experience. How has your marine coverage worked for you historically? Are there any patterns that can be identified in previous damage claims that should be addressed? Looking at the big picture of how your marine insurance coverage has worked for you can be an eye-opening experience.
- Identify problems and coverage gaps. Are there gaps in your insurance protection? Are there things you would change about the hurricane-damage claims you recently navigated? Has the current state of your company evolved beyond prior coverage? Review your current coverage and compare it with the current needs of your marine business.
- Implement better solutions for marine insurance concerns. Once problems have been identified, there may be many solutions available. By working with an experienced policyholder attorney, you can get the best insight into building a loss mitigation and coverage plan that will offer more ideal protection in the future.
An experienced policyholder attorney can guide you through the steps needed to strengthen your marine protection. For more information about handling claims, mitigating losses, and negotiating insurance settlements, request your free copy of our important book, Your Basic Guide to Marine Insurance, or contact our office directly.