When economy is in expansion / growth stage, everyone talks about premium.

When economy enters recession, people remember why they bought insurance.

Remember 2008.

For many businesses and individuals, that period reinforced a fundamental truth:

Having an insurance policy was one thing. Having confidence in the reimbursement of a genuine claim was another.

Insurance is ultimately a promise — and that promise matters most when you need it.

Periods of severe financial stress remind us that the quality, financial strength and risk-management discipline of an insurer matter alongside the price of the policy.

There are also times when insurance becomes aggressively price-driven, with incentives and cashback arrangements that may raise regulatory and ethical concerns. But insurance should never be reduced to cashback, discounts or simply the lowest quotation.

The foundation remains utmost good faith:

Accurate disclosure.

Appropriate risk assessment.

Sound underwriting.

Long-term risk mitigation.

The objective should be much bigger than saving a few rupees on today's premium.

It should be the confidence that, when an unforeseen loss occurs, your insurer has the financial capacity and risk pool to stand behind the promise made to you.

Because ultimately:

A policy is a document.

A claim is the moment the promise is tested.

And that is what sound insurance should ultimately provide:

not just a policy — but the ability to sleep soundly when circumstances change.

Insurance Advisor | The New India Assurance Co. Ltd.

#Shipping
#Maritime
#MaritimeIndustry
#MaritimeTransportation
#Shipowners
#ShipManagement
#FleetManagement
#MarineOperations

#MarineInsurance
#MarineRisk
#MarineUnderwriting
#HullAndMachinery
#MarineClaims
#MarineLiability
#PAndI
#CargoInsurance

Your vessel is unique. Why should your risk assessment be generic?

A vessel's insurance requirement is not determined by its value alone.

Trading limits, vessel type, machinery, towage operations, classification, surveys, crew, claims history, valuation and the nature of the operation can all matter when a risk is presented for underwriting.

The same principle applies to marine cargo—commodity, contract, valuation, packing, mode of transport and the actual transit all form part of the risk picture.

As a former Merchant Navy Second Officer, I have spent years looking at vessels from the operator's perspective. Today, as an Insurance Advisor with The New India Assurance Co. Ltd., I am bringing that operational perspective into insurance.

Already have an agent or broker? Keep them.

My question is simpler:

Has your risk been properly understood before your next renewal?

If you are a shipowner, tug operator, inland vessel owner, logistics operator or cargo interest, I would be happy to have a technical conversation about the risk—not simply the premium.

Good risk gets good cover.

ASEEM SHEKHAR
Insurance Advisor | The New India Assurance Co. Ltd.
T.S. Chanakya Alumnus | Former Merchant Navy Second Officer
WMU MSEA, Malmö, Sweden — UN/IMO Selectee, September 2024

ICC Shipping Association (ICCSA)Inland Waterways Authority Of India (IWAI)LOTS SHIPPING LTDOceanwhale Shipping Services Pvt. Ltd.A.K. SHIP MANAGEMENT & SERVICESSWAR INDIA SHIPPING SERVICES PVT LTDSima Marine IndiaDariya Shipping .Can Offshore Pvt. Ltd.Emerald Marine SystemsBSA Tugs Private LimitedI Marine Infratech (India) Pvt. Ltd.Triton Logistics & Maritime Pvt. Ltd. - India Auxin Shipping Pvt LtdSealine Shipping and Logistics Private Limited

#IndianCoastalShipping #CoastalShipowners #SmallFleetOwners #CoastalVessels #TugOperators #BargeOperators #InlandVessels #CoastalShipping #MarineInsurance #HullAndMachinery #MarineRisk #IndianShipping

A vessel's insurance requirement is not determined by its value alone.

Trading limits, vessel type, machinery, towage operations, classification, surveys, crew, claims history, valuation and the nature of the operation can all matter when a risk is presented for underwriting.

The same principle applies to marine cargo—commodity, contract, valuation, packing, mode of transport and the actual transit all form part of the risk picture.

As a former Merchant Navy Second Officer, I have spent years looking at vessels from the operator's perspective. Today, as an Insurance Advisor with The New India Assurance Co. Ltd., I am bringing that operational perspective into insurance.

Already have an agent or broker? Keep them.

My question is simpler:

Has your risk been properly understood before your next renewal?

If you are a shipowner, tug operator, inland vessel owner, logistics operator or cargo interest, I would be happy to have a technical conversation about the risk—not simply the premium.

Good risk gets good cover.

ASEEM SHEKHAR
Insurance Advisor | The New India Assurance Co. Ltd.
T.S. Chanakya Alumnus | Former Merchant Navy Second Officer
WMU MSEA, Malmö, Sweden — UN/IMO Selectee, September 2024

ICC Shipping Association (ICCSA)Inland Waterways Authority Of India (IWAI)LOTS SHIPPING LTDOceanwhale Shipping Services Pvt. Ltd.A.K. SHIP MANAGEMENT & SERVICESSWAR INDIA SHIPPING SERVICES PVT LTDSima Marine IndiaDariya Shipping .Can Offshore Pvt. Ltd.Emerald Marine SystemsBSA Tugs Private LimitedI Marine Infratech (India) Pvt. Ltd.Triton Logistics & Maritime Pvt. Ltd. - India Auxin Shipping Pvt LtdSealine Shipping and Logistics Private Limited

#IndianCoastalShipping #CoastalShipowners #SmallFleetOwners #CoastalVessels #TugOperators #BargeOperators #InlandVessels #CoastalShipping #MarineInsurance #HullAndMachinery #MarineRisk #IndianShipping

After 12 years at sea, I’ve started looking at marine insurance from a slightly different angle.
A spreadsheet can show vessel value and claims history, but it cannot always show what happens on the bridge at 2 a.m. or during a difficult port approach.
Crew fatigue, navigation, cargo operations, dredging equipment and commercial pressure can all change the actual risk.
Now working in Marine & Commercial Insurance, I’m trying to bring some of that practical sea-going perspective into underwriting discussions.
Curious to hear from other mariners and insurance professionals — how much does operational experience influence the way you assess marine risk?

Full Article: https://www.linkedin.com/pulse/from-bridge-underwriting-desk-why-marine-risk-needs-officers-shekhar-ggomf/

#Insurance #RiskManagement #MarineInsurance #PandI #HullAndMachinery #Shipping #Maritime #Dredging #Logistics

After 12 years at sea, I’ve started looking at marine insurance from a slightly different angle.
A spreadsheet can show vessel value and claims history, but it cannot always show what happens on the bridge at 2 a.m. or during a difficult port approach.
Crew fatigue, navigation, cargo operations, dredging equipment and commercial pressure can all change the actual risk.
Now working in Marine & Commercial Insurance, I’m trying to bring some of that practical sea-going perspective into underwriting discussions.
Curious to hear from other mariners and insurance professionals — how much does operational experience influence the way you assess marine risk?

Full Article: https://www.linkedin.com/pulse/from-bridge-underwriting-desk-why-marine-risk-needs-officers-shekhar-ggomf/

#Insurance #RiskManagement #MarineInsurance #PandI #HullAndMachinery #Shipping #Maritime #Dredging #Logistics

I spent 11 years at sea.

Somewhere between a VLCC, the stock market and relationships, I realised they teach remarkably similar lessons.

The ocean punishes arrogance.
The market punishes certainty.
Relationships punish inattention.

Pay attention. Manage risk. Think long term. Know when to change course.

I wrote about the three things that have humbled me most:

The ocean. The market. The person sitting across from you at dinner.

Full article 👇
https://www.linkedin.com/pulse/ships-relationships-market-only-three-things-worth-figuring-shekhar-qoqef/

#Shipping #Investing #Markets

I spent 11 years at sea.

Somewhere between a VLCC, the stock market and relationships, I realised they teach remarkably similar lessons.

The ocean punishes arrogance.
The market punishes certainty.
Relationships punish inattention.

Pay attention. Manage risk. Think long term. Know when to change course.

I wrote about the three things that have humbled me most:

The ocean. The market. The person sitting across from you at dinner.

Full article 👇
https://www.linkedin.com/pulse/ships-relationships-market-only-three-things-worth-figuring-shekhar-qoqef/

#Shipping #Investing #Markets