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Marine insurance companies offer policies to protect boats and maritime activities. Jobs include sales agents, underwriters, actuaries, and adjusters, with sales agents being the highest paid. Licensing exams are required for sales agents, and underwriters use actuarial tables to determine risk. Actuaries calculate the likelihood of future incidents, and adjusters investigate insurance claims.
Marine insurance companies insure boat operators and companies involved in various types of maritime activities against financial loss. Marine insurance jobs commonly found at these companies include those of sales agents, underwriters, actuaries and adjusters. In many cases, insurance company employees receive part or all of their salary in the form of commissions and bonuses rather than salaries. Typically, insurance companies are regulated at a regional or national level, which means that people employed in marine insurance jobs can only work with clients based in certain regions.
Among the various types of marine insurance jobs, people employed as sales agents are generally the highest paid employees as their salaries are based on policy sales; normally, there are no limits on the commission. Laws in most countries require sales agents to have passed a national or regional licensing exam. Agents must proactively market insurance policies to businesses and individuals. Marine insurance companies typically sell policies that protect vessels and crew. Policies are paid with annual premiums from which the agent’s commission is paid.
Underwriters, review new insurance applications. As with adjusters, underwriters are sometimes employed in entry-level positions. Typically, junior underwriters report to a manager or senior underwriter and that individual has typically completed a university degree in finance or a related field. Underwriters use actuarial tables to determine the risk associated with guaranteeing particular vehicles or individuals. The financial interests of insurance companies themselves are protected by underwriters because these individuals have the authority to reject applications from high-risk applicants.
Although many marine insurance jobs are open to individuals who do not have a college degree, actuaries are typically individuals who have completed high school in mathematics, accounting or related topics. Actuaries review information regarding past motor vehicle accidents and other types of marine incidents. Using history as a guide, these people calculate the likelihood of future incidents and the likelihood that the company will have to make insurance payments. Insurance companies use these actuarial reports to determine risk-based pricing for insurance policies.
Adjusters or adjusters are individuals who investigate insurance claims. At some companies, these marine insurance jobs are entry-level positions, although new recruits must undergo some on-the-job training, which can last for weeks or months. Adjusters must inspect damaged boats, oil rigs and other types of vessels to determine the cause of damage and the estimated cost of repair or replacement. Insurance companies rely on adjusters to expose cases involving policyholders who are trying to commit fraud, making damages to claims that are not covered by the terms of the insurance contract.
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