Middle East

Owners look at fixed premium P&I cover

Dubai: DGS Marine, a P&I management provider and manager for the British European and Overseas (BE&O) P&I facility, has highlighted the benefits of fixed premium P&I cover for shipowners and operators in the Middle East.

David Skinner, managing director of DGS Marine Group, said: “The need for certainty and transparency is the driving force behind the significant growth in the fixed premium P&I market, both here in the Middle East and globally. Fixed premium cover gives owners complete certainty over their insurance costs. In other words, the figure they are given when they purchase the policy is the full and final insurance cost. Then, when it comes to the renewal process, the key determining factor is an assessment of the owner’s own claims record.”

DGS Marine Group has seen growth in the Middle East in the past year, driven both by its cargo claims operations in Dubai and by P&I premium growth.

“DGS Marine’s Middle East office is solely focused on handling cargo claims,” said Skinner.  “Our main clients are cargo underwriters, as well as other parties who move cargoes, such as shippers or trading houses.  We consult and assist cargo underwriters under subrogation and handle the claim on their behalf.  We look after all sorts of cargoes, including perishable cargo, steel cargo, bulk cargo and container cargo.  We do this on a ‘no cure, no pay’ basis.  This means if we do not succeed in recovering the claim on our clients’ behalf, they do not have to pay any fees or charges.  We also have a lot of in-house maritime expertise, with a considerable number of our team having served spent at sea.

“This has been accompanied by a growth in the client base of the wider DGS Marine Group in the last year.  In fact, the Middle East has been one of our fastest growing regions.  P&I renewals in February 2014 resulted in a 22% growth in premiums in the Middle East for DGS Marine Group, in our capacity as a P&I provider and exclusive manager for the BE&O P&I facility.”  [21/11/14]

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