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6JUNE2014FOGHORNFOGHORNFocuSOPERATIONSMAINTENANcEFOGHORNHowisthemarineinsuranceindustrydoingCoUrTnEYJonESSfathishasbeeagdyea.oveallthemaieisuacemaketisveystablewhichbdeswellfplicyhldes.Theeislesspessuefmmaketsseekigateiceasesduettheiweisu-aceatesdeceasigabitthisyeasatesfuclietsaepettystableightw.Adbaigayufeseeicidetscatastphesweaticipatethatplicyateswillemaithatwaythughtheestfthisyea.HaveanyrecentchangesinluencedthemarketthatcouldaectthecommercialmaritimeindustrysmarineinsurancepoliciesForexampleitwasalongdifcultwinterinmanypartsothenation.Canthisenvironmen-talsituationaectvesseloperatorspoliciesorpremiumsImhappytsay.Theeeallyhavetbeeaymajevimetalicidetsthatwillaffectpassegevesselpeats.Thelastevimetalicidetfaysig-nicancewasSuperstormSandybackinOctober2012adeveastmfthatmagitudeaddevastatididnotreallycauseratestouctuatemuch.Therewasabitfimpactppetyatesaditheeceatialmaieaeabutteallyfupassegevesselcliets.Althughtaevimetalicidet911waspbablythelasttimeweeallysawatestakeashapdubledigiticeaseacssthebad.Stormpredictionsorthe2014AtlanticHurricaneSeasonlookprettygoodthisyear.DoesthathelpinsurancepolicyholdersYesifthefecastshldtuetthescietistspedictistheitshuldbeaelativelyquietstmseaswhichisveyhelpfulfvesselpeatswhcabeimpactedbyaseveehuicaeseasitheAtlatic.StabilitysoundsgoodtousItsudsgdtust.Ifactthemaieisuaceidustyhasbeequitecmpetitiveiecetyeaslagelydueipattthatstability.Meudewitesaevyigfyubusiesswhichhelpskeepatesicheckwhileffeigcmpetitiveplicypackagesadsupeisevice.Allfthathelpseveye.DomaritimeincidentsthatoccuroutsidetheUnitedStatesaectthedomesticcommercialmaritimeindus-trysinsurancepolicyratesntecessaily.Aisaglbalcmpayadwevebeehadligmaieisuacefalgtimeadu-destadthattheU.S.cmmecialmaitimeidustyisdiffeetfmitscutepatspeatigitheatis.Weaeivlvediplacigaltfmaiebusinessintheinternationalmarketsoweseersthandwhatisgigglbally.AdwhilemayU.S.isueshavesydicatesiLlydsadthefacilitiesthatculdbeadaeimpactedbyicidetsccuigelsewheesuchastheKeafeyaccidetafewmthsagtheCostaConcordiaicidetacupleyeasagtheeissmuchcapacityightwthatsmethighappeigiathecutywuldhavetbepettymumetaltaffectushee.WhatsnewinmarineinsurancenowThereisnotreallyanynewproductbeingspecicallyaimedatthesmallpassegevesselidustybutuexistiglie-upfpductsdesmeettheuiqueeedsfthesepeatis.Weecuagevesselpeatstpeidicallyeviewtheipliciesadtalktustbesuealltheieedsaemet.Maieisuaceisdiffeetfmthecmmecialisuacepliciessyuwattbesueyuhaveabkewhudestadsthis.ArethereanyotherbusinessissuesthatPVAmembersshouldbeawareothatinsurancecanhelpwithDenitelyyes.Thehottestissueaffectingallbusinessesfmveylagemulti-billidllaglbalcmpaiestveysmallmm-ad-ppshpsiscybeliability.Thisisaextemelycmplexissuethatallbusiessweseedtbeawaeftbesuethattheyaeptected.EssetiallyifyucductcmmecevetheIteetadthughtheusefceditcadsadwhdesttheyugaizaticuldbeatiskfhackigtheftfaud.ThikabutwhathappeedwithTagetadafewtheetaileslastfall.remembeQACourtneyJoneswithAonRiskServicesOersAdviceorVesselOperatorsFOGHORNcaughtupwithCourtneyJonesVicePresidentandBrokerofmarineinsuranceatAonRiskSolutionsinClevelandOHtotalkaboutinsuranceandthepassengervesselindustry.