Haven Knox-Johnston Commercial has launched a new risk management tool designed to help marine businesses assess their exposure to risk. The specialist insurance broker says the Benchmark Review Report is intended as a starting point for companies to understand their risk profile.
Risk management is central to insurance and plays a role in business continuity. The Benchmark Review Report is described as an independent assessment that can highlight areas of risk requiring attention, as well as provide assurance on areas that are considered resilient.
Malcolm Stewart, head of Haven Knox-Johnston Commercial, says: “Identifying areas of weakness and understanding opportunities allows for effective strategic risk planning. A periodic review of risk can help provide a solid story to take to your insurers and can demonstrate the tangible evidence needed to confirm you are a better risk when it comes to setting premiums and conditions.
“As a dedicated advice-based marine insurance broker, following the review we can offer appropriate insurance solutions to protect your business from the risks identified.”
The Benchmark Review Report assesses performance against five areas: people, asset protection, resilience, cyber risks and motor risks. It gives a red, amber or green rating for each, with explanations and suggested actions provided for the red and amber categories.
The firm says the report is intended to highlight where risk reduction can be achieved, outlining possible consequences of inaction and the benefits of addressing issues.
In January, Haven Knox-Johnston Commercial launched its new Marine Trade Insurance policy, designed to streamline insurance for small to medium-sized businesses operating in the UK marine trade industry.
The new policy – the first new insurance product created specifically for the UK marine trade industry in over a decade – aims to provide a single solution, easy-to-understand cover tailored for marine complexities.
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