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Marine insurance traditionally formed the majority of business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation and Transit (cargo) risks, and in this form is known by the acronym 'MAT'. It is common for marine insurance agencies to compete with the offerings provided by local insurers.
Pages in category "Marine insurance" The following 9 pages are in this category, out of 9 total. This list may not reflect recent changes. B. ... Code of Conduct;
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Although Gard's P&I business started in 1907, its marine insurance activities can be traced back to as far as 1867 with the establishment of Æolus, [2] which later became part of the Storebrand group. Over time, the importance of Arendal as a major Norwegian shipping-hub waned. The Second World War also took a heavy toll on owners insured with ...
In the United States, a group purchasing organization (GPO) is an entity that is created to leverage the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. [1] Many GPOs are funded by administrative fees which are paid by the vendors that GPOs oversee.
Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. [1] Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure.
As marine was not in line with the original prospectus, a sister company was formed, Alliance Marine Assurance, with directors in common. This too was launched in 1824, giving Alliance a complete coverage of the main markets – fire and marine insurance and life assurance. Alliance Marine was bought by Alliance Assurance in 1905. [1] [2]
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.