PRUDENT & FAIR
Close ties with its Members and a commitment to maintain the overall objective of mutuality are cornerstones of the Club’s approach to underwriting. In assessing the individual levels of call to be paid, the West of England seeks to treat all Members fairly, based upon a sound understanding of their business, trading environment and individual claims performance. Exposure to future risk as well as loss records are key factors in this process. So too are operational standards and a Member’s safety culture.
Coupled with effective claims handling, underwriting which is prudent as well as fair is an essential element of the Club’s continuing financial strength. Achieving a balanced underwriting result from year to year without relying on investment income is one of the Club’s primary financial objectives.
MEMBER SELECTION
The Club believes that its long term financial stability depends on maintaining an adequate spread of risk and that diversity of vessel type, trading area, geographical location and operator is important.
Within that diversity the Managers take steps to ensure that new Members and tonnage have a risk profile and operate at standards which broadly match the Club’s overall risk profile and quality requirements.
STABILITY
The Club’s aim is to maintain levels of call (including any additional calls) which are both stable and competitive over time.
Volatility of large claims from year to year is controlled by the Club’s participation in the International Group Pool and its Excess of Loss Reinsurance Programme together with long term reinsurance arrangements with Munich Re and Swiss Re both for claims within the Club’s retention and stop loss protection for the Club’s aggregate long term claims liability.
The Club operates a long term investment strategy to provide returns which, in addition to the underwriting results enable the Club to set calls at levels which are generally predictable for Members in the medium and longer term.
SERVICE
The Club underwrites through its Managers’ offices in London and Hong Kong. The Managers maintain a close relationship with Members and their brokers in order to fully understand their particular insurance requirements.
The Managers have a high level of experience and expertise in helping Members tailor their cover to provide the protection they need and to arrange additional cover to complement the core P&I and Defence products.
ADDITIONAL INSURANCE
The Managers have access to a wide range of additional covers through their strong links with the marine insurance market including:
- Deviation
- Extended Cargo Liabilities
- Extended Crew Liabilities
- Specialist Operations Cover
- Extended Towers Liability
- Salvors Liabilities
- Damage to Hull for Chartered entries
These covers are arranged by the Association on behalf of the Member.