IUMI adds to customer pressure to provide more risk information
IUMI revealed earlier this week that Mr Lange has written to the Paris MoU Deputy Secretary General, Carien Droppers, to ask the organisation to place details of its ship risk profiles and its company profiles on Equasis, the public web portal that IUMI said is designed to ‘eradicate sub-standard shipping’.
Mr Lange said IUMI actively encourages the release of all relevant information that enables underwriters to assess the risks posed by the vessels they are asked to insure. For this reason he hopes that the Paris MoU will consider the request.
In his letter Mr Lange stated: “In particular with the introduction of the Paris MoU new Inspection Regime, data on ship risk profile and company performance are now worked out by Paris MoU. This additional information could assist insurers in assessing the quality of the risks they are proposed to underwrite, giving them the opportunity to differentiate their underwriting approach and risk assessment. However, as the data is not released to Equasis it is consequently hardly available to marine underwriters.”
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Mr Lange added: “For this reason IUMI would recommend and very much welcome that Paris MoU would provide this information to Equasis.”
The IUMI chief said that he understands that such extra information alone does not provide a ‘sufficient indication’ of the condition of a ship. But he added that the information would add transparency and provide an important ‘leverage’ to the risk assessment performed by underwriters.
The Paris MoU came into effect in January 2011. IUMI said that while Ship Risk Profiles are a useful indicator to help underwriters’ assess vessel risk they still require the use of a ‘ship risk profile calculator’ and a ‘company performance calculator’.
IUMI added that the integration of the information on to Equasis under its key indicators sector is a matter that has been identified by IUMI’s Political Forum. “Mr Lange’s letter is the first step in the organisation’s efforts to see the information accessible to underwriters,” concluded the union.
