West Diversification Overview
Nordic Marine Insurance was founded in Stockholm in 2012 and is an approved insurance company by the Swedish FCA, as well as being a cover holder at Lloyd’s. Their core business is Fixed Premium Primary Delay Insurance which covers the loss of an agreed daily insured amount for delays following named perils within the traditional 14 day deductible of a Loss of Hire insurance.
Nordic website: nmip.se
These named perils fall into 3 categories:
- P&I Perils
- H&M PerilsWhich formed together cover Ship Related Perils and are predominately of interest to shipowners
- Shoreside Perils are normally of interest to the charterers of the vessel or those owners that trade their vessels predominately on the “Spot” market.
A joint venture bringing together the expertise of C Solutions and the global reach of West to create innovative products and services to assist ship operators throughout the voyage cycle. Full information is available at www.qwestmaritime.com.There are currently 7 products, with more in development.
Qwest website: qwestmaritime.com
This is a legal advice line giving unlimited 24 hour advice on maritime contracts - pre and post fixture - from qualified lawyers and maritime professionals. There is also the ability to purchase legal costs insurance up to $1m.
This is a Qwest Legal product designed specifically for professional ship managers who might have need for advice on contractual disputes not covered by their current insurers.
A flexible claims handling service designed to respond to a need for advice and hands on handling of all types of marine claims where the ship operator has no other source of help – i.e. it is not covered by a traditional insurance by reason of scope of cover or deductible. Or out sourcing to a ship operator who does not have the skills or expertise in house.
Three areas of advice are available from a team of experienced law enforcement and intelligence officers. This includes, asset tracing, counterparty due diligence and investigation into specific incidents on board ship and expert evidence.
A service offering timely and expert Demurrage claim preparation and presentation. And the ability to finance the claims to assist cashflow during the contractual payment period.
Offers the factoring of this marine receivable ( it can be linked to QWEST Demurrage) so that a ship operator can have the benefit of the cashflow whilst awaiting formal payment from the charterers under the terms of the contract.
There is often a delay in publishing a GA award – sometimes years. During that time, the ship owner is has expenses, usually paid for and on behalf of cargo interests. These are usually secured but nonetheless the shipowner is out of pocket. This service offers to assist the shipowners cashflow by financing those expenses until the GA award is published.
Unlike other providers who only offer services or products to tackle discrete pieces of the complete cyber threat, Astaara - through its flagship offering AstaaraCyber - provides a complete risk management solution for shipowners, the offshore industry and port operators.
In the traditional marine insurance market, cyber cover - where it is available - has to be purchased separately across different lines. Business Interruption is often not a covered risk and there may be no cover available for shoreside operations. By contrast, with AstaaraCyber:
- Cover is available for all a client’s business, including shoreside
- All areas of cyber are insured in one place
- Defence & Remediation is covered
- Loss of Revenue/Business Interruption is available
- Physical loss and Liabilities are also covered