Hello and welcome to my blog today.
Trust you're all having a good day steemers. I know you all will be wondering why i do post on Insurance, well i'm a final year student of Niger Delta University and i'm studying Insurance hence some of my post. Today my post will be on the structure of marine insurance market and they are:
1. The Llyod's of London.
A substantial part of marine insurance is translated at Llyod's. It is the most popular association in marine insurance business. The underwriting measures of Llyod's form themselves into syndicates. Each syndicate has an appointed underwriter to handle marine business on their behalf.
2. The Insurance business.
These are corporate insurance organizations licensed to transact marine insurance business. These insurance companies also have a fair share of marine insurance companies. A separate department is created in insurance companies to handle marine related businesses.
3. The Llyod's brokers.
These are brokers who deal mostly with Llyod's underwriters through the various syndicates. They are paid commission for business for the businesses introduced to Llyod's.
4. Insurance brokers.
These are normal insurance brokers who transact marine insurance business through insurance companies and they are also paid commission for the businesses introduced to insurance companies.
5. Corporate organizations and individuals.
These are either corporate organizations or individuals involved in maritime trade. They insure their vessels or cargo either with Llyod's or insurance companies mostly through brokers or directly.
6. Government.
Vessels and cargo owned by governments are also insured through relevant agencies.
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