Marine Insurance

Aerial view of dense rows of various vessels on the waters of Singapore.

Marine insurance is essential for protecting shipowners and operators in respect of the commercial, physical and sometimes geopolitical risks involved in maritime trade.

At Synergy, our expert marine insurance team focuses on creating customized solutions to protect your interests, and works very hard to secure the best coverage at advantageous rates, helping you run your operations smoothly. We here explain the range of services and expertise that Synergy can provide, showing how we can support and also strengthen your maritime business.

What is Marine Insurance?

In essence, marine insurance covers vessels, crews and cargoes in respect of loss and damage arising from the carriage of goods by sea. There are different types of insurance, such as Protection & Indemnity (P&I), Hull & Machinery (H&M) and War Risks and other specialised cover.

Maritime operations can be complex, and sometimes standard policies will not offer the right type, or level, of cover. That is where Synergy can step in, securing customized insurance designed to meet your own unique needs.

Specialized Services

Risk Management

This involves identifying, analyzing and reducing the potential dangers that could impact your maritime operations. Our team focuses on assessing risks related to vessels, cargoes, crews, ports and routes, in order to ensure effective protection and at highly competitive cost. Strategies are developed to enhance operational safety and minimize losses. This process includes evaluating the likelihood of incidents, recommending (and later as necessary obtaining) appropriate insurance coverage, and offering expert advice on preventive measures.

With a proactive approach, we can help ship owners and operators to safeguard their assets and operations, ensuring suitable cover even in challenging circumstances. Our goal is to secure for you peace of mind, while optimizing physical safety and commercial security for your maritime ventures.

Protection & Indemnity (P&I) Insurance

P&I cover is a vital – and widely compulsory – type of insurance for shipowners and operators, covering risks like cargo damage, pollution, crew injuries, collisions and legal costs.

This insurance provides support for responding to third parties who claim to have been affected by shipping operations, and we work with top P&I Clubs to create policies tailored to your needs, giving you assistance, advice and financial backup.

Hull & Machinery (H&M) Insurance

This provides cover in respect of a vessel’s structure and machinery and responds to matters like collisions, groundings, fires or extreme weather.

It helps manage repair costs and lessens financial strain due to unexpected incidents involving the physical structure of the vessel, and comprehensive policies are crafted to meet specific needs.

With H&M insurance, shipowners can focus on running their vessels efficiently without worrying about the high cost of repairs or replacements after an incident.

Loss Prevention Programmes

Prevention is better than cure, and our loss prevention programmes aim to reduce the likelihood of claims by identifying and minimising potential risks in advance.

We work closely with clients to implement safety measures, conduct training sessions and ensure compliance with international maritime standards.

These proactive efforts not only enhance safety but can also result in progressively lower insurance premiums.

Competitive Market Rates

As well as tailored cover, we ensure that you get the best value with competitive market rates. Our team taps into a strong network of insurers, comparing multiple options to find cost-effective insurance specific to your needs.

This approach helps you save money while maintaining high-quality coverage. With Synergy, you can be confident of securing comprehensive and also economical protection for your vessels and operations.

It’s all about striking the perfect balance of affordability and the necessary cover.

Claims Handling

Efficient claims handling is a critical component of our services.

Our dedicated team assists clients in navigating the claims process, ensuring the quickest possible settlement and minimal disruption to operations.

We locate and proof witnesses, secure and handle documentation, coordinate with insurers and provide regular updates to keep you informed throughout.

War Risks

War risks and similar insurance covers your vessels and crews when they are working in areas affected by armed conflict, piracy or terrorism, addressing what can be substantial loss and damage due to these risks.

Loss of Hire

Unexpected incidents during time charter operations can lead to contractual downtime, resulting in revenue loss.

Loss of hire insurance compensates shipowners for income lost during periods when a vessel is out of chargeable charter service due to covered events.

We work with you to identify appropriate policies that align with your revenue model and operational needs.

Kidnap & Ransom (K&R) Insurance

Maritime piracy remains a significant threat in certain regions.

K&R insurance addresses some of the key risks associated with piracy, including ransom demands, legal costs and crisis management.

We also provide access to specialized consultants as regards crew welfare and negotiation during such incidents.

Sanctions and Trade Embargoes

International trade is subject to ever-evolving sanctions and restrictions, and non-compliance can mean hefty fines and legal and reputational issues.

Our team helps clients navigate these complexities by ensuring that their operations remain compliant with all applicable regulations. We can also furnish insurance products that provide cover for potential liabilities arising from unintentional breaches.

Overall Portfolio Management

This gathers the handling of all your marine insurance needs into one place, ensuring seamless coordination across multiple policies and keeping everything organized and efficient.

Our team regularly reviews your cover, ensures timely renewal and adjusts your policies to match changing operational requirements. This approach eliminates the difficulties that can arise in seeking to manage multiple insurers and policies.

With everything streamlined, you can save time, reduce costs and stay focused on running your operations, while we handle your insurance portfolio with care.

Why Choose Synergy?

Choosing Synergy as the route to obtaining your marine insurance means partnering with experts who focus on keeping your operations as safe, and your finances as secure, as possible. Here is why we are the right choice:

Experts in Maritime Risks: Our team knows shipping, cargo and crew risks inside out. With years of experience, we provide solutions that tackle real challenges in the maritime world;

Tailored Insurance Plans: Every shipping business is unique, and so are its needs. At Synergy we obtain customised insurance policies that match your goals and budget, for all types of marine risk;

Strong Insurer Network: We work closely with top insurers and P&I Clubs, ensuring that you get the best coverage at competitive rates;

Proactive Risk Management: We don’t just obtain insurance – we help you avoid problems. From risk assessments to preventive strategies, we work to keep claims low and premiums affordable;
Trouble-free Claims Support: If something goes wrong, we handle the claims process smoothly, saving you time and distraction, so that you can focus on your operations.

At Synergy we’re more than just help with your insurance insurers—we’re partners in your success.

The Importance of Marine Insurance in Today’s World

Marine insurance is crucial for global trade. It protects businesses financially from risks like cargo damage, theft, collision and delay, and from other contingencies during transit. This helps companies recover losses and keep running smoothly.

International shipping involves different rules and many risks, and placing suitable marine insurance often means regulatory compliance and almost always offers peace of mind. It allows businesses to trade confidently across the world, protecting everyone involved in the transit and making the supply chain more stable and reliable.

Marine insurance is a vital component of risk management for ship owners and operators, and at Synergy we combine expertise, personalized service and innovative solutions to deliver comprehensive coverage that meets your own unique demands. From risk assessment to claims handling, our team is committed to safeguarding your interests at every step.

Choose Synergy for reliable, cost-effective and problem-free marine insurance solutions tailored to your needs. Reach out to us today and secure your maritime operations with confidence.