Who We Help

We work with ship owners, managers and charterers of almost every class of tonnage engaged in local, regional or worldwide trade. We have a firm grasp of the operational risks that come into play with our clients and with each sector of shipping. In addition to the insurable risks, operators also must manage the challenges arising from the ever-more complex sanctions legislation.

We take the time to understand your business and risk profile so we can provide a solution that responds to your future as well as present needs. Covers include Hull, War, P&I and FD&D as well as the less mainstream insurances.

Whilst the basic risks of a tug and barge operator serving local or river trades are the same as a mainline ship operator, there are differences in the servicing needs, insurance structure and the insurers available.

The P&I market has become much more focused on the sub-5,000GT sector, with several International Group P&I Clubs creating their own fixed premium non-mutual facilities. The commercial market P&I facilities continue to grow their books and profile in Asia. Operators in this sector now have many more options than ever before, with first-class security and a strong claims service provided locally, but without the high limits and mutual aspect of IG Club premiums that may not always be required or preferred.

Hull and Machinery cover may need to be placed in your domestic insurance market with the majority of actual risk and premium being passed on to international insurers through a reinsurance placement. This can be the more important element of the placement if the local insurer is only retaining a small amount of risk, as they will look to the reinsurers for payment of claims.

We assist with the management of the entire placement on behalf of operators, including providing advice on charterparty or contract of affreightment liabilities and the appropriate insurances that should be in place.

Marine Cargo Insurance is utilized by a wide range of businesses within the marine industry, including companies shipping or trading commodities, carrying their own cargo, freight forwarders, logistics providers, charterers, banks and letter of credit providers.

We understand the different issues that arise when shipping bulk liquids, ores, breakbulk or project cargoes, compared with containerized cargoes or goods shipped by air, road or rail. We don’t believe you should pay more than is necessary for cover that you don’t need – you should have the right cover for your risk. We work with specialist insurers for each industry sector to structure the correct program for you taking in to account your existing risk profile as well as your future plans.

Given this, each client is unique, so each policy is specifically tailored policy for you.

Commodity traders can require a mixture of cargo, chartering, on-land and marine insurances.

Commodity traders are often involved with a wide range of different products/cargoes in multiple locations, resulting in a broad spectrum of risk. As the trading environment changes, the turnover and risk can too: for example taking on the responsibility of chartering the vessel and selling CIF rather than FOB, moving in to new trades or commodities at short notice.

We understand that traders have their own philosophies, their own risk appetites and, more importantly, a specific approach to trading that almost always requires flexibility in the insurance program. Your insurance program and providers should support the business and help the trade increase by offsetting balance sheet risk.

Whilst the various risks in this class are often placed separately, Commodity Trader’s Specialist Covers provide for all the risks to be insured in one place, to the substantial potential benefit of the insured.

Freight Forwarders carry a substantial level of risk with, in some senses, a limited ability to control that risk once the cargo is no longer under their direct custody. Ships suffering casualties, cargo being delivered to the wrong party or not being released from the port, strikes, delays and unforeseeable incidents will all create significant costs in time and money. Although the instances and percentages remain low, when a loss does occur it almost always requires specialist claims assistance from insurers who understand the relationship that a Freight Forwarder has with their clients.

We understand the nature of the business on both a local and global level, the complexities of contractual terms, the need to ensure cargo is delivered at the right time to the right party, and that any delay can cause losses throughout the commercial chain. Where appropriate, we will recommend third-party claims providers who have a presence in your or your clients’ territories to provide local support.

There has been significant growth in the infrastructure sector to maintain competition, keep pace with the changing mainline containerized shipping industry and innovate for the future.

In addition to local infrastructure growth, an ever-increasing number of conglomerates are moving towards a supply chain management strategy. This includes building and operating, or leasing, terminal space to enhance control over the supply chain.

We understand the risks of port and terminal operators, from the limits required, to the contractual reviews or additional on-shore risks of storage, management of pipelines, blending and so on, as well as operation of tugs within the port. Where there are oil majors involved, the insurance requirements change or increase to satisfy the contracts involved.

Claims handling requirements can vary depending on the type of terminal and the volume of claims, so we have access to local third-party claims handlers as well as in-house liability claims specialists to assist you.

Liabilities encountered by marine contractors in the offshore sector are often different and more complex than those faced by shipowners and operators in the merchant sector.

Offshore drilling or production units, and offshore support craft acting in an auxiliary or preparatory role to such operations, will encounter unique exposures and often need high insurance limits. It is essential that offshore contractors ensure their insurances are sufficient to meet all their liability exposures, both contractual and non-contractual risks, as well as the asset value itself. With the field operators pushing more liability onto their contractors as part of the tender process, detailed contract reviews are essential to ensure the insurance requirements are met, if not exceeded.

Offshore contracts are often tailor-made for individual projects, and each oil company has its own contracting style and preferences. Because few contracts are the same, it is essential to ensure that the contractual assumptions of liability under these agreements can be insured, right from the outset of the tendering process.

Latitude can provide comprehensive assistance to ensure you – the contractor – have certainty of cover and can operate with confidence. Working closely with trusted liability insurers, we review the scope of works and the definition clauses to the liability, indemnity and insurance provisions to make sure that no stone is left unturned in the assessment of your offshore risk exposures.

Offshore contractors we assist include:

• FPSOs
• FSOs
• Drilling Rigs and Drillships
• Heavylift
• Construction Units
• Accommodation Units
• Platform Supply Vessels
• Anchor Handling Tugs
• Ocean-going Tugs
• Crewboats
• Pipe Layers
• Cable Layers
• Power Generation Ships
• Offshore barges
• Offshore Liability Cover
• Drilling and Production
• Specialist Operations
• Salvor’s Extensions
• Property on Board
• Contractual Liability Cover

Latitude is pleased to work with retail or wholesale brokers on either direct or reinsurance placements. We are able to provide marine expertise to our broker clients in order to complete the suite of policies that may be required by their assureds.

For reinsurance placements, we provide our broker clients with access to the international markets and the substantial capacity available globally or, if preferred, to concentrate solely on the Asian insurance market.

We can provide access to information, data and our network to put our retail/wholesale brokers in the best position to win or retain business in partnership with Latitude.